COVID-19 tops threats to global financial stability for next year, with nearly a third of respondents to a new survey citing the pandemic as the number one risk and two thirds citing it as a top five risk.

The survey, published by the US Depository Trust and Clearing Corporation, also finds cyber risk is cited as a top five risk by 54% of respondents.

The corporation, which conducts its Systemic Risk Barometer each year, provides post-trade market infrastructure for the global financial services industry and has facilities in 15 countries.

Its survey finds more than half of the respondents expect market volatility in 2021 to be substantially higher than historical averages, while 42% predict worse systemic risk and financial instability in 2021 than in 2020.

Geopolitical risks and trade tensions are cited as a top five risk by 45% of respondents.

The survey also indicates growing concern about the risk created by excessive global debt, with a third of participants naming this as a top five risk.