Page 37 - 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

March/April, global uncertainties remain. Any unexpected geopolitical developments

could risk driving sudden market corrections.

Furthermore, the persistent growth and sophistication of cyber and hybrid

threats amid heightened geopolitical tensions is amplifying the risks of operational

disruptions to financial markets.

In this environment retail investors are at risk of making poor trading decisions

due to information overload or misinformation, a phenomenon particularly

pronounced with social media and potential gamification of trading.”

Beyond the general risk drivers, ESMA’s report provides an update on structural

developments and the status of key sectors of financial markets, during the first half

of 2025.

Market monitoring

Markets: EU equity market performance over the last months was characterised

by high volatility, at levels not seen since the COVID-19 related market stress. Equity

valuations saw sharp falls and fast recovery in April related to the US tariff

announcements. Overall, EU market performance as of end-June stood at +11% since

the beginning of the year, amid significant sectoral heterogeneity. In fixed income
markets, escalating trade tensions led to a significant widening of corporate bond

spreads in early April, particularly in the high-yield (HY) segment. Market metrics of

credit quality worsened in April with the geopolitical developments, and Moody’s

downgraded the US to Aa1 in May. Despite a 10% drop in valuation in 1H25, crypto

markets remain near their historical peak volume at EUR 3tn. The US

administration’s approach to crypto-assets has boosted investor sentiment. However,

there are growing concerns that potential conflicts of interest may add to existing

issues related to governance, credibility, and money laundering in these markets.

Asset management: In 1H25, EU funds experienced their highest episode of

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