Page 32 - 期货和衍生品行业监管动态（2026年1月）

期货和衍生品行业监管动态

with significant downside tail risks for the real economy, accompanied by

heightened financial stress. Geopolitical events can significantly alter the

interconnectedness between bonds, commodities, equities and exchange

rates.

 The impact of geopolitical shocks is heterogeneous across EU Member

States, whereby more open economies and those with higher public debt

ratios tend to be more vulnerable to amplification effects.

 In response to geopolitical shocks, banks and non-banks adjust their balance

sheets by reducing lending, especially cross-border exposures. While this

reduces the financial system’s exposure to external shocks, it also limits

international diversification.

At a time of accelerating geoeconomic fragmentation and persistent geopolitical

uncertainty, the ECB and the ESRB stress the importance of enhanced, more

harmonised datasets, as well as complementary scenario analyses, for preserving

financial stability and increasing economic resilience.The report’s insights can help

policymakers and financial institutions to better detect and evaluate geopolitical risks

for the financial sector and calibrate macroprudential policy responses.

https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260122~0b138afc39.en.htm

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7. 欧盟证券与市场管理局与印度储备银行签署谅解备忘录（2026 年 1 月 27 日）

欧盟证券与市场管理局（ESMA，欧盟金融市场的监管机构）与印度储备银

行（RBI）签署谅解备忘录（MoU），旨在建立合作与信息交流机制，以便 ESMA

认可那些在印度设立并由印度储备银行监管的中央对手方（CCPs）。

该备忘录标志着恢复欧盟清算会员对印度中央对手方准入方面取得关键进

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