The Dutch Authority for the Financial Markets (AFM) published its Trendzicht 2026 outlook, warning that the recent resilience of financial markets is not guaranteed going forward and that the current positive mood may rest on a fragile equilibrium. It highlights persistent geopolitical tensions, strong cross-border interdependencies and the growing interlinkages between the traditional financial system and cryptoassets and other more lightly regulated markets as drivers of vulnerability. The report notes the sector’s dependence on a limited number of dominant, often non-European, providers, including for information technology services, which can amplify shock transmission. It also argues that risks can spread quickly across borders via digital platforms and international capital flows, calling for stronger European cooperation, deeper and broader European capital markets, and for the Savings & Investment Union to be made operational. Alongside Trendzicht 2026, the AFM published deeper analyses on scenario thinking in capital markets and on hyperpersonalisation enabled by data and artificial intelligence. On hyperpersonalisation, it describes opportunities for more tailored customer journeys but notes that practical barriers and legal uncertainty are holding firms back, and it plans to explore with the sector how personalisation can be deployed in the customer’s interest.

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