Overall risks to securities markets are unchanged at high levels, with market and credit risks being “very high” in the first quarter of 2016, according to a report published Wednesday by The European Securities and Markets Authority (ESMA).

The major sources of market risk include the uncertain global economic outlook, commodity price dynamics, and other global financial developments, the report highlights.

“Systemic stress increased during the first part of Q1 before easing in March 2016. This was mainly driven by bond and equity market dynamics,” the report says.

Liquidity risk is high, too, given the elevated investor uncertainty, the report adds, and contagion risk remains high as well.