ESMA says Securities Market Conditions have Improved

The European Securities and Markets Authority (ESMA) has published its
Report on Trends, Risks and Vulnerabilities No. 1, 2014
, and its
Risk Dashboard
for 4Q 2013.

The report reviews the performance of European Union (EU) securities markets, assessing both trends and risks in order to develop a comprehensive picture of systemic and macroprudential risks in the EU that can serve both national and EU bodies in their risk assessments.

Overall, ESMA’s report finds that EU securities markets and investment conditions in the EU improved in the second half of 2013, based on better macroeconomic prospects, which also contributed to reduced systemic risk in that period. However, overall risks remained at high levels for EU securities markets as reflected by the rapid propagation of uncertainty from emerging markets (EM) countries to EU markets early 2014.

Steven Maijoor, ESMA chair, said: “Stress in EU securities markets has decreased, but key markets and investors continue to face substantive risks. As we remain vigilant about monitoring these vulnerabilities, global re-pricing risks as well as a better understanding conduct and operational risks will be a particular concern going forward.”

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