Sweden's Riksbank financial markets survey reports broadly well-functioning SEK FX and fixed-income markets and lower risk appetite

Sweden's Riksbank published its Financial Markets Survey for autumn 2025, reporting that respondents generally see the Swedish foreign exchange market in SEK and the Swedish fixed-income market as functioning well, while many have shifted their market risk positions towards low or neutral levels. A key stated driver of reduced risk appetite is geopolitical tensions. The survey captures responses from 40 of 100 invited participants (40 percent, up from 34 percent in spring 2025) over 30 September–17 October 2025 and presents respondents’ views rather than the Riksbank’s assessments. Around half of respondents describe their current risk-taking as neutral and a rising share report very low risk-taking, while one in ten report large risks and the share taking very large risks is unchanged. Most participants judge the SEK FX market to function well, but the share saying it functions very well fell to one in ten and one in ten now rate it as functioning poorly, with some citing a reduced liquidity surplus and volatile short-term Swedish interest rates. Almost nine in ten respondents say the fixed-income market functions well or very well, supported by free-text comments pointing to good liquidity across asset classes, alongside mixed liquidity signals in specific segments including nominal government bonds and inflation-linked government bonds where more respondents report having no opinion on secondary-market liquidity. Respondents also report improved repo liquidity for government and covered bonds and limited recent use of AI tools, with reported use focused on text summarisation and macro analysis.