Risk levels in the markets under ESMA remit remained high, reflecting elevated risks for investors, infrastructures and services, and the financial system at large, as well as very high risks in securities markets. We continue to consider market risk very high, following materialisation of the valuation risk. Our credit risk assessment remains unchanged at very high levels. While still at a lower level, liquidity risk is under scrutiny due to ongoing concerns about the reduction of liquidity provision on bond markets, while contagion and operational risk remain unchanged at high and elevated, respectively. Key risk sources remain uncertainty with respect to emerging market developments, in particular China; continued downward pressure on commodity prices, especially oil; and sustained pressure on commodity-export-oriented emerging economies, reinforced by potential weaknesses in market functioning. Subsequent price movements and volatility on EU or US equity markets reflected this anxiety.[...]