Inflation, Ukraine, volatility — the big worries in markets don't stop there. The European Securities and Markets Authority now says on top of “very high risk” for the region are potential woes in the plumbing that underpins financial markets.

A major concern, Esma noted, is the clearing of commodity and credit derivatives. Clearing is a trading safety net, allowing for risk in a trade to be transferred to a third party and guarantees the trade if one party defaults.