Date: 26 February 2020

On 19 February 2020, the European Securities and Markets Authority (ESMA), the EU’s securities regulator, published the first Trends, Risks and Vulnerabilities (TRV) report of 2020. ESMA identified continued high risks and a weaker economic outlook as markets remain highly sensitive to geopolitical events. The risk outlook is stable, however risks are high, particularly in the securities markets and for retail investors.