增强非银行金融中介的韧性——执行摘要

Enhancing the resilience of non-bank financial intermediation –Executive Summary The Financial Stability Board (FSB) has been at the forefront of international efforts to strengthen theresilience of non-bank financial intermediation (NBFI). Recognising the sector’s critical role in globalfinancial markets and its potential to amplify systemic risks, the FSB has undertaken significant work in thewake of the Great Financial Crisis to mitigate vulnerabilities. Since 2011, the FSB has conducted an annualmonitoring exercise to identify the build-up of systemic risks within the NBFI sector and, in cooperationwith standard-setting bodies (SSBs), has taken further steps where necessary. The resilience and functioning of the NBFI ecosystem rely on the availability of liquidity and theeffective intermediation of that liquidity during periods of stress. Strengthening NBFI resilience aims toensure a more stable flow of financing to the economy while reducing the need for extraordinary centralbank interventions. The FSB’s work programme is built around three overarching goals: Reducing excessive spikes in liquidity demand:Policies are focused on addressingvulnerabilities that lead to excessive liquidity demand, such as the structural liquiditymismatches or leverage in certain non-bank entities. Enhancingliquidityprovision inperiods of stress:Policies to enhancethe resilienceof liquidity supply during periods of market stressincludepursuing reforms whereappropriate to improve the functioning of key markets, such as those for governmentbonds, commercial paper (CP) and certificates of deposit (CD). Improvingrisk monitoring and preparedness:Efforts are ongoing to deepenunderstanding and continuously improve the monitoring of NBFI vulnerabilities. Thisinvolves developing additional metrics and new analytical tools, addressing data gapsand fostering international cooperation. Core policy initiatives The FSB’s ongoing effortstoaddress systemic risks within the NBFI sector include the following initiativesand achievements: •Strengthening the resilience of money market funds (MMFs).The FSB has pursued reformsaimed at addressing the structural vulnerabilities of MMFs that are susceptible to runs due toliquidity mismatches. Following the publication of its 2021policy proposalsto enhance MMFresilience, the FSB conducted a thematicpeer reviewin 2024 to assess the measures adopted orplanned by FSB member jurisdictions.Furthermore, the FSB carried out an assessment ofvulnerabilities in CP and negotiable CD markets across core funding jurisdictions (the EuropeanUnion, Japan, the United Kingdom and the United States) and evaluated potential marketreforms. •Addressing liquidity mismatches in open-ended funds (OEFs).In 2023, the FSB issued revisedpolicy recommendationsto addressstructural vulnerabilities from liquidity mismatchesin OEFs.These were complemented byguidance from the International Organization of SecuritiesCommissions (IOSCO) on anti-dilution liquidity management tools.To operationalise the FSB’s2023 revised policy recommendations, IOSCO publishedrevised recommendationsfor liquidity risk management for collective investment schemes,along with accompanyingimplementationguidancein 2025. Improving margining practices.The FSB, in collaboration with the Basel Committee on BankingSupervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and IOSCO,is addressing risks arising from margin and collateral calls during periods of market stress. Thefollowing reports, published in 2024 and 2025, form part of a comprehensive approach toenhancingtransparency, streamlining margin processes, increasing the predictability of marginrequirements and improving the liquidity preparedness of non-bank market participants formargin calls: •Monitoring and addressing financial stability risks created by NBFI leverage.In 2023, theFSB published areporton the financial stability implications of leverage in NBFI, noting itssignificant role in prior stress episodes. In 2025, the FSBissuedpolicy recommendationsadvisingauthorities to establish a domestic framework to effectively identify and monitor financial stabilityrisks from NBFI leverage and to implement targeted, flexible and proportionate policy measuresto mitigate the risks identified. In addition, in 2024 the BCBS released revisedguidelinesforcounterparty credit risk management, addressing issues related to banks’ provision of leverageto non-banks. •Other NBFI vulnerabilities.The FSB continues to monitor and analyse NBFI vulnerabilitiesthrough the development of additional metrics, analytical tools and targeted assessments. In2025, the FSB issued anevaluationof the effects of the G20 financial regulatory reforms onsecuritisation and areport on vulnerabilities in non-bank commercial real estate investors.Additionally, the FSB is conducting an in-depth analysis of vulnerabilities in private credit. Future directions The FSB’s ongoing and planned work (2025–28) is str