Page 38 - 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

volatility since the COVID-19 outbreak but exhibited positive performance amid

muted flows. While funds have been overall resilient, leverage and liquidity risks

persist in parts of the sector. In the real-estate fund sector, market prices seem to have

bottomed out, but real-estate funds continued to experience sustained outflows in

some jurisdictions. In this context, ESMA and the IMF performed a stress test

showing the resilience of funds to a market shock but potential spillovers to the

underlying bond markets.

Consumers: Confidence around future market conditions rebounded following a

sharp dip in April, supported by the continued improvement of household finances. In

1H25, consumers maintained a strong demand for bond funds, alongside a marked

increase in purchases of equities and ETFs. The demographic profile of consumers

suggests that older investors have a higher share of fixed income investments in their

portfolios. Overall, consumer complaint levels remained steady.

Infrastructures and services: Cyber risks continued to rise globally amid

ongoing geopolitical tensions. In addition, operational vulnerabilities were exposed

through recent incidents, such as the blackout in the Iberian Peninsula and the T2S

outage in 1Q25, even though they did not lead to systemic impacts. Equity-trading

volumes increased significantly in 1H25 (+23% year-on-year), with March seeing
record-high activity.

Structural developments

Market-based finance: The financing of European corporates via equity

markets slowed toward the end of 2024 and remained muted in 1H25. Despite

expectations of a recovery in 2025, the EU initial public offering (IPO) activity has

remained subdued. Corporate bond issuance remained stable at historically high levels,

with significant amounts of debt due to mature over the next five years. Corporate

debt sustainability remains a concern, as highlighted by the recent widening of

spreads particularly in the HY segment.

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