Risk Outlook 2012 – CMVM

A CMVM publicou hoje o segundo número do seu Risk Outlook numa versão mais enxuta e cut to the chase. Feito o devido desconto sempre associado às cautelas institucionais características dos reguladores financeiros, o retrato apresentado pode ser útil. A edição mantém-se em inglês. Eis os vários temas abordados nesta publicação de 25 páginas profusamente ilustrada.

Risk Outlook 2012


  • European equity markets crawling back to losses
  • Commodity prices recovered lost ground to lose it again
  • Volatility in European markets with upward trend since February and diverging from the USA and Japan Markets
  • Value-at-Risk decreases significantly, particularly for PSI20 however earnings are steeply diminishing
  • Equity Liquidity is dwindling and, in some markets, approaching 2008 minimum levels
  • Trading activities in Portugal continue to decrease in a year-on-year basis
  • Non-regulated market platforms congregate increasing trading market share on PSI20 equities
  • There is no IPO market in Europe as of 2012 but it is thriving in the Americas
  • Bonds issuance: the “new” most preferred way to finance Portuguese listed companies.
  • The domestic investment management business continues to fade away and several looming risks are gaining relevance
  • Update on the deleveraging process in the corporate and housing sector
  • A few words on banking systemic risk

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