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29 July 2010

CESR publishes report on trends, risks and vulnerabilities in financial markets


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The report includes a cross-sector dimension analysis, as well as a thorough focus on financial innovations and incentives related to market practices both at the wholesale and retail level.


CESR publishes today for the first time its report on trends risks, and vulnerabilities that are directly relevant to securities markets regulators. Previously, similar reports have been produced for the benefit of the Economic and Financial Committee (EFC) and the Financial Services Committee (FSC).
Over the last decades, financial markets have been transformed by the rapid development of new financial instruments, the rise of new categories of key market participants, and a supportive technological environment. More recently, fundamental areas of the financial sectors in Europe and elsewhere have experienced a severe crisis which is not yet over. Going forward, CESR would like to contribute more to the understanding of these trends and risks and communicate its insights to the general public through regular reports. These reports will focus mainly on the short and medium term without losing sight, however, of long-term developments. The analysis will naturally focus on the activity in European financial markets, but also take into full account the international dimension of the various markets and instruments analysed.
Carlos Tavares, elected Chair of CESR and Chair of the Portuguese Comissão do Mercado de valores Mobiliários (CMMV), Chair of the Committee for Economic and Market Analysis that prepared the report, stated:
“Today’s publication shows CESR’s determination to contribute to the promotion of financial stability and the enhancement of consumer protection through regular reporting on trends and risks. CESR’s Committee for Economic and Markets Analysis (CEMA) has been put in place to fulfil this task. Its activity covers the pro-active identification, the monitoring, and the assessment from a microprudential perspective of key developments and risks in financial markets. This includes a crossborder and cross-sector dimension, as well as a thorough focus on financial innovations and incentives related to market practices both at the wholesale and retail level. Our first report stresses several trends and risks which should be taken seriously not only by regulators, but also market participants and investors to be better prepared for the future.”
 


© CESR - Committee of European Securities Regulators


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