Press release
13/11/25
Treacherous calm: financial markets remain vulnerable
The resilience recently demonstrated by the financial markets cannot be guaranteed for the future. Ongoing geopolitical tensions, interdependencies and the increasing interconnectedness of the traditional financial system with cryptos and other more lightly regulated markets make the sector vulnerable. The Dutch Authority for the Financial Markets (AFM) emphasizes that the risks remain large, complex and opaque in the Trend Monitor 2026 report, which is published today. In addition, the AFM conducted an analysis of two topics: scenario thinking and hyper-personalisation.
In short
- Ongoing geopolitical tensions call for vigilance and resilience
- European cooperation more important than ever
- Analysis: Hyper-personalisation with AI offers opportunities for financial services
Ongoing geopolitical tensions call for vigilance and resilience
The financial markets are deeply interconnected internationally and dependent on a limited number of dominant market participants, many of which are non-European, such as for IT services. The traditional financial system is also becoming increasingly intertwined with crypto and private markets. Combined with geopolitical tensions and uncertain trade policies, this makes them vulnerable and susceptible to shocks. Although markets have absorbed the shocks well so far, the sustainability of this resilience is not self-evident..Laura van Geest, Chair of the AFM Executive Board: 'The positive mood in the financial markets is treacherous, because it is based on only a fragile balance. That is why we must be vigilant and resilient, and embrace thinking in scenarios – not to predict, but to be prepared.'
Read ‘Thinking in scenarios in capital markets’
European cooperation more important than ever
Risks spread quickly across borders, for example through digital platforms or international capital flows. This requires joint European action. To ensure stability and innovation, European capital markets need to be deepened and broadened. For this, it is essential that the Savings & Investment Union actually becomes a reality.Analysis: Hyper-personalisation with AI offers opportunities for financial services
Due to the growth of data sources and AI applications, services are becoming increasingly personal. Apps and websites can be tailored to individual consumers. In its most advanced form, this is called hyper-personalisation. This is already common in sectors such as e-commerce and entertainment, but is still in its infancy in the financial sector.Financial companies want to focus more on personalisation, but are reluctant to do so due to practical barriers and legal uncertainties. The AFM wants to explore, together with the sector, how the possibilities of personalisation can be used in the customer’s best interest.
Read ‘Hyperpersonalisation: a tailored online choice environment’
Contact for this article
Charlene Zikmund
charlene.zikmund@afm.nl
+31 6 29 42 08 87
+31 6 29 42 08 87
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