Page 41 - 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

call for increased vigilance and urge financial entities to maintain adequate provisions

in today’s tense and unpredictable environment.

The ESAs caution that sudden structural changes in global trade and security

have led to a deterioration in the economic outlook in the first half of 2025. Despite

the initial moderate impact of the US–EU preliminary trade agreement, risks to

financial stability and the risk of further corrections remain.

The European financial system has demonstrated its resilience. Banks continue

to generate solid profits, insurers hold strong solvency positions, and pension funds

remain well-funded. Market infrastructures and money market funds have also proven

robust in the face of volatility.

Growing transatlantic tensions, however, are reshaping the risk landscape. Tariffs

and currency shifts are impacting commodities and foreign exchange markets and

create new channels through which risks can spread to financial institutions. Strong

interlinkages with US financial markets deepen undertakings’ sensitivity to these

risks.

Against this background, the ESAs advise national supervisors, financial

institutions and market participants to:

 continue embedding geopolitical risks in their day-to-day business

operations and risk assessments, including their dependencies on non-EU

markets and service providers,

 prepare for short- and medium-term challenges amid high uncertainties,

such as market corrections, by maintaining adequate provisions and stress

testing their liquidity positions,

 strengthen vigilance against cyber risks and their potential impact on

operational and financial stability, also via third-party service providers,

 monitor contagion risks from crypto assets as the market expands and

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