IMF Staff Country Reports

France: Financial Sector Assessment Program-Technical Note on Supervision of Liquidity Risk in Investment Funds and the Oversight of Trading Activities

August 29, 2025

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Format: Chicago

International Monetary Fund. Monetary and Capital Markets Department "France: Financial Sector Assessment Program-Technical Note on Supervision of Liquidity Risk in Investment Funds and the Oversight of Trading Activities", IMF Staff Country Reports 2025, 240 (2025), accessed September 6, 2025, https://doi.org/10.5089/9798229022552.002

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Summary

Financial markets in France have evolved since the previous FSAP, particularly in respect of wholesale markets. France has attracted new types of trading activities and there is movement towards consolidation in the wholesale trading and asset management sectors. Such changes have often increased the complexity of markets within France, and in turn the complexity of supervision. At the same time, in some areas there has been a trend towards simplification and standardization in offerings, such as through Exchange Traded Funds (ETFs) and neo-brokers. There have also been significant regulatory changes, and the requirements for liquidity risk management within funds were changing at the time of the mission. The responsibilities of regulators have also grown, with new obligations to supervise against matters such as digital asset markets, sustainable finance, and digital operational resilience.

Subject: Asset and liability management, Asset management, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Liquidity, Liquidity risk

Keywords: Asset management, Derivative trading obligation, Financial sector stability, Global, Liquidity, Liquidity risk, Management directive, Money market fund regulation, Trading ACTIVITES, Trading activity

Publication Details

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