The Report covers developments in the European securities market from June to December 2015, and has found that overall market risks remain high.  The market risk indicator remains at "very high" with a stable outlook (initially raised to this level in September 2015 due to increasing risks from "excessive asset valuations", weakening growth outlook in emerging markets and the volatility of the commodity market), while liquidity and contagion risk remain at "high" with a stable outlook.