Risk monitoring : Trends, Risks and Vulnerabilities (TRV) Report, No. 1, 2025

13 February 2025 ESMA50-524821-3584 TRV Risk Monitor ESMA Report on Trends, Risks and Vulnerabilities No. 1, 2025 0 ESMA Report on Trends, Risks and Vulnerabilities Risk Monitor, No. 1, 2025 © European Securities and Markets Authority, Paris, 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited adequately. The reporting period for this report is 1 July 2024 to 31 December 2024, unless otherwise indicated. Legal reference for this Report: Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC, Article 32 ‘Assessment of market developments, including stress tests’, ‘1. The Authority shall monitor and assess market developments in the area of its competence and, where necessary, inform the European Supervisory Authority (European Banking Authority), and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), the European Systemic Risk Board, and the European Parliament, the Council and the Commission about the relevant microprudential trends, potential risks and vulnerabilities. The Authority shall include in its assessments an analysis of the markets in which financial market participants operate and an assessment of the impact of...