ESRB欧洲系统风险委员会：2025年信用违约互换-分析与政策报告（英文版）

Despite the reforms implemented following the global financial crisis, episodes of instability in derivatives markets have been frequent and have often required intervention by public authorities. While the post-global financial crisis regulatory reforms primarily targeted counterparty credit risk, more recent disruptions highlight the increasing salience of market liquidity and systemic risks stemming from market microstructure. These dimensions remain insufficiently integrated into current