TRV : ESMA report on trends, risks and vulnerabilities

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      <subfield code="a">ESMA's 4Q16 overall risk assessment remains unchanged from 3Q16. In 4Q16 EU financial markets remained relatively calm, although very reactive to political events. An example was the US election. High reactiveness was reflected in increased market expectations of near-term equity volatility. Investment fund liquidity remained a concern, with bond funds registering outflows after the US election. While market and credit risks remain very high, our outlook for market, liquidity, credit and contagion risk is stable. The low yield environment and related sustained concerns with regard to excessive risk-taking persisted. In an environment of high valuation risks, uncertainties around the growth outlook for the EU and the global economy, together with the confluence of political events, including the expected commencement of negotiations on the exit of the UK from the EU as well as several elections in EU Member States, are important risk drivers for 2017</subfield>
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