This year’s International Capital Markets Association (ICMA) conference revealed three main risks to European and global markets, Ian Russell, president and CEO is IIAC says in his latest industry letter.

Read: IIAC announces Hall of Fame inductees

Summarizing the event, Russell notes Paul Achleiter, chair of the Deutsche Bank board of directors, said those three risks are:

1. Poor liquidity in debt markets

2. A shift in risk assessment to the back office

3. Regulatory nationalism

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