BoE's Breeden (dovish) does not comment on monetary policy or the economic outlook

Says global financial system has remained resilient despite multiple shocks
Post-crisis reforms strengthened banks with higher capital and liquidity, improving shock absorption
Warns vulnerabilities have shifted to private markets, sovereign debt and market-based finance
Flags rapid growth in private markets, citing opacity, leverage and rising default concerns
Highlights increased hedge fund leverage in government bond markets as potential shock amplifier
Says elevated asset valuations, particularly in US AI-linked tech, pose downside risks
Notes global risk premia remain compressed despite uncertain macroeconomic outlook
Warns multiple vulnerabilities could crystallise simultaneously, increasing systemic fragility
Says Middle East conflict raises risk of correlated shocks across markets
Says BoE expanding system-wide stress testing, including private markets focus
Authorities considering reforms to gilt repo markets to improve resilience
New contingent liquidity tools developed to support non-bank financial institutions in stress
Says improved surveillance, resilience measures and policy tools aim to ensure future crises are mitigated