| Assessing Systemic Risk: Past, Present and FutureWhat is systemic risk? What steps are regulators taking to mitigate it? Which indicators can we use to rank it, where is it most prevalent, and how are systemic institutions interconnected? |
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| Systemic Vulnerabilities and Systemic Risk AnalysisSystemic risk is a global phenomenon that encompasses many sizable financial enterprises and needs to be monitored and measured by multiple global regulators. It cannot be dealt with from regulatory silos. |
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| A Systemic Risk Success StoryCLS Bank stands out as a compelling case study of collaborative action and risk reduction in global financial markets. The foreign exchange market, in this case. |
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| Partnership in AggregationIn 2009, foreign exchange settlement standard-setter CLS Group formed a joint venture with interdealer brokerage giant ICAP to provide trade aggregation services for participants in the over-the-counter FX market. |
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| Call for ClarityIn a congressional hearing two years ago, Alan Greenspan, who oversaw U.S. monetary policy and promoted deregulation for nearly two decades as Federal Reserve Board chairman, admitted he was shocked to have found “a flaw in the model that I perceived is the critical functioning structure that defines how the world works.” Now the tide has turned, and supervision and governance are key issues. |
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| The Major Risk Management Challenge of this DecadeNo longer is systemic risk -- the chance that a single event or series of events will collapse an entire system -- simply an academic discussion relegated to the classroom. |
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| E Pluribus UnumThe more financial institutions are made the same, the less likely it is that some will survive the next crash. |
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| A Call to Create a Systemic Risk AgencyA systemic risk agency, separate from the regulatory apparatus, should ensure that high-quality information about risks flows not only to top management and directors of financial firms, but also to top levels of the regulatory system. |
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| UK’s Turner Sends Global MessageAs official post mortems go, few are likely to match the U.K. Financial Services Authority’s Turner Review in its thorough documentation of “What Went Wrong” in the financial crisis, as its first chapter is titled, or in the urgency of its call for a return to basics in regulatory oversight, industry structure, institutional governance and risk management. |
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| Cybersecurity Risks of the Financial InfrastructureCurrent models for evaluating the cyber-related risks of the global critical financial infrastructure are woefully inadequate, as illustrated by the clearly apparent lack of preparation for major attacks and the knee-jerk reactions when attacks do occur. |
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| Failures and Fixes, from PIMCO’s PerspectiveAs managing director and portfolio manager of PIMCO, the world’s biggest bond fund manager, Paul McCulley had a front-row seat for the financial collapse, and he offers a cold, clear-eyed view of the causes. |
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| Lessons from the Swedish Banking CrisisWho could ever say no to a Swedish model? Today, governments, bank regulators and politicians worldwide are embracing openly the Swedish model of actively managing the banking system during a systemic crisis. |
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| Who Knew?Not everyone was blindsided by the crisis of 2007-2009. Some who sounded like Cassandras a few years ago are today's celebrity pundits. What did they see that most of the financial world missed or ignored? |
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| Battling Systemic RiskIf anything positive is emerging from the credit crisis, it is surely an increased awareness of the real threat of systemic risk. But how should we manage systemic risk now that denial is no longer an option?<br/> |
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