Page 36 - 期货和衍生品行业监管动态（2025年9月）

期货和衍生品行业监管动态

可持续金融：尽管政策观念有所变化，但创纪录的极端气候事件正给全球低

碳转型增添压力。虽然欧盟 ESG 基金在 2025 年第一季度出现少量净流出，但对

ESG 固定收益策略的需求仍然强劲。ESG 债券市场的持续增长和稳健的绿色债

券发行反映了投资者的持续需求。同时，ESMA 关于 ESG 基金命名的新指南正

推动基金名称与投资策略更紧密结合，有助于提升市场诚信度并降低漂绿

（greenwashing）风险。

金融创新：资产代币化目前应用有限，但代币化基金近期获得一定关注。代

币化对市场的影响和风险仍需全面评估。资产管理机构对人工智能主题的投资延

续至上半年，新推出了多只人工智能领域投资基金。尽管应用仍有限，代理型人

工智能（agentic AI）在问责制、可解释性、目标偏差和系统性风险方面带来了

监管挑战，社交媒体和多智能体交互加剧了这些挑战。

Heightened Geopolitical uncertainties Drive Risks (2025/9/9)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, today publishes its second risk monitoring report of

2025, setting out the key risk drivers currently facing EU financial markets.

Geopolitical events continue to have a strong impact on the evolution of financial

markets. In the first half of 2025 securities markets experienced pronounced volatility

as global uncertainties intensified, notably with escalating trade conflicts. Investor

risks have also risen in crypto-asset markets, where exuberance has been fuelled by

political developments in the US and the emergence of new, high-risk business

models. Overall, ESMA sees high or very high risks in the markets within its remit,

and retail and institutional investors should remain alert to potential sharp market

corrections, and to the liquidity strains they could entail.

Verena Ross, ESMA’s Chair, said:

“We have recently seen strong volatility in most global markets, including for

equities, bonds and crypto-assets. Whilst the situation has stabilised since

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