ESRB欧洲系统风险委员会：2025年欧盟非银行金融机构风险监测器（英文版）

This report considers the main risks and vulnerabilities associated with investment funds and other financial institutions (OFIs), as well as cryptoassets and associated intermediaries, in 2024. It presents an activities-based view of financial market segments commonly associated with non-bank activities. It covers developments, risks and vulnerabilities associated with financial intermediation outside the banking system, focusing on those related to liquidity and maturity transformation, use