On 20 September 2013, ESMA published its second report on trends, risks and vulnerabilities (TRV) and Risk Dashboard. The TRV looks at the performance, trends and risks of securities markets in the first six months of 2013, so to develop a comprehensive picture of systemic and macro-prudential risks in the EU. This is designed to help both national and EU bodies with their risk assessments. The TRV finds that the EU securities markets and investment conditions in the EU have improved for the second quarter in a row since the last quarter of 2012, although systemic risk has persisted at medium to high levels. Among other risk factors, uncertainty remaines high due to concerns over funding sources, low interest rates and recent market fluctuations. These have resulted in increased market risk, while liquidity, credit and contagion risk continue to be significant.