Sweden's Riksbank published the spring 2025 Financial Markets Survey, showing that most responding market participants view the Swedish fixed-income market and the foreign exchange market for Swedish kronor (SEK) as functioning well or very well. Respondents also reported increased risk-taking over the past six months, while most still characterised their current risk level as neutral. The survey was answered by 34 of 100 invited participants, with responses collected from 24 February to 12 March 2025. Four out of ten respondents assessed their current market risk-taking as low and around a third as neutral, while a quarter reported high or very high risk-taking, and nine out of ten said their risk-taking had increased over the past six months. In SEK foreign exchange, nine out of ten rated liquidity as good or very good, and no respondents considered the market to be malfunctioning, although some noted that external risks could affect liquidity in turbulent periods. For fixed income, seven out of ten said the market works well or very well, with liquidity assessments mixed by instrument, including respondents linking improved liquidity in nominal government bonds to the Riksbank’s sales of government bonds, and continued weak liquidity for inflation-linked government bonds. Respondents also highlighted risks tied to the United States political situation, geopolitics and cyber risk, and most said they had not used AI tools in trading, analysis or allocation decisions in the past six months. The Riksbank noted that the Financial Markets Survey is conducted twice a year and that the report presents respondents’ views rather than the Riksbank’s assessments.

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