Exchanges to report strong results as volumes jumped in fourth quarter
Fallout would hit financials, real economy, governments, along with tech firms
Trading revenues, debt underwriting up, boosting Q4 results
ECB's reform proposals may face pushback from banks, policymakers
Hidden leverage, new sources of complexity, contagion arise as funds evolve
Stable economic growth seen boosting bank profits, asset quality
Shift in creditor hierarchy expected to be finalized in 2026
Structure could be more widely adopted, allowing efficiency gains
Strong capital markets drive banks' results, asset quality stable
Easing market volatility to weigh on trading, clearing fees