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FRM Study Modules

As you prepare for the FRM Exam, GARP will be highlighting topics that appear on the Exam to help candidates pace themselves through the Exam material. These topics directly correspond to the FRM Study GuideFRM Learning Objectives and to the related readings in the official FRM books.

FRM Exam Part I Study Modules

frm_2021_exam_part1book

Chapter 1 (p 1-20)
Chapter 1: The Building Blocks of Risk Management

Chapter 2 (p 21-38)
Chapter 2: How Do Firms Manage Financial Risk?

Chapter 3 (p 39-60)
Chapter 3: The Governance of Risk Management

Chapter 7 (p 91-100)
Chapter 7: Risk Data Aggregation and Reporting Principles

Chapter 8 (p 101-122)
Chapter 8: Enterprise Risk Management and Future Trends


Chapter 4 (p 61-70)
Chapter 4. Credit Risk Transfer Mechanisms

Chapter 5 (p 71-82)
Chapter 5: Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)

Chapter 6 (p 83-90)
Chapter 6: The Arbitrage Pricing Theory and Multifactor Models of Risk and Return


Chapter 10 (p 141-152)
Chapter 10: Anatomy of the Great Financial Crisis of 2007-2009

Chapter 11 (p 153-156)
GARP Code of Conduct*

Chapter 9 (p 123-140)
Chapter 9: Learning from Financial Disasters


Chapter 1 (p 1-10)
Chapter 1: Fundamentals of Probability

Chapter 2 (p 11-26)
Chapter 2: Random Variables

Chapter 3 (p 27-46)
Chapter 3: Common Univariate Random Variables

Chapter 4 (p 47-62)
Chapter 4: Multivariate Random Variables

Chapter 5 (p 63-82)
Chapter 5: Sample Moments


Chapter 6 (p 83-100)
Chapter 6: Hypothesis Testing

Chapter 7 (p 101-118)
Chapter 7: Linear Regression

Chapter 8 (p 119-138)
Chapter 8: Regression with Multiple Explanatory Variables

Chapter 9 (p 139-158)
Chapter 9: Regression Diagnostics


Chapter 10 (p 159-186)
Chapter 10: Stationary Time Series

Chapter 11 (p 187-210)
Chapter 11: Nonstationary Time Series

Chapter 12 (p 211-222)
Chapter 12: Measuring Returns, Volatility, and Correlation

Chapter 13 (p 223-236)
Chapter 13: Simulation and Bootstrapping


Chapter 1 (p 1-14)
Chapter 1: Banks

Chapter 2 (p 15-30)
Chapter 2: Insurance Companies and Pension Plans

Chapter 3 (p 31-44)
Chapter 3: Fund Management

Chapter 4 (p 45-56)
Chapter 4. Introduction to Derivatives

Chapter 5 (p 57-70)
Chapter 5: Exchanges and OTC Markets

Chapter 6 (p 71-82)
Chapter 6: Central Clearing


Chapter 10 (p 123-134)
Chapter 10: Pricing Financial Forwards and Futures

Chapter 11 (p 135-146)
Chapter 11: Commodity Forwards and Futures

Chapter 7 (p 83-94)
Chapter 7: Futures Markets

Chapter 8 (p 95-108)
Chapter 8: Using Futures for Hedging

Chapter 9 (p 109-122)
Chapter 9: Foreign Exchange Markets


Chapter 12 (p 147-158)
Chapter 12: Options Markets

Chapter 13 (p 159-170)
Chapter 13: Properties of Options

Chapter 14 (p 171-182)
Chapter 14: Trading Strategies

Chapter 15 (p 183-194)
Chapter 15: Exotic Options


Chapter 16 (p 195-212)
Chapter 16: Properties of Interest Rates

Chapter 17 (p 213-224)
Chapter 17: Corporate Bonds

Chapter 18 (p 225-240)
Chapter 18: Mortgages and Mortgage-Backed Securities

Chapter 19 (p 241-256)
Chapter 19: Interest Rate Futures

Chapter 20 (p 257-269)
Chapter 20: Swaps


Chapter 1 (p 1-14)
Chapter 1: Measures of Financial Risk

Chapter 2 (p 15-26)
Chapter 2: Calculating and Applying VaR

Chapter 3 (p 27-40)
Chapter 3: Measuring and Monitoring Volatility


Chapter 4 (p 41-54)
Chapter 4. External and Internal Ratings

Chapter 6 (p 69-84)
Chapter 6: Measuring Credit Risk


Chapter 5 (p 55-68)
Chapter 5: Country Risk: Determinants, Measures, and Implications

Chapter 7 (p 85-98)
Chapter 7: Operational Risk

Chapter 8 (p 99-114)
Chapter 8: Stress Testing


Chapter 10 (p 127-138)
Chapter 10: Interest Rates

Chapter 11 (p 139-150)
Chapter 11: Bond Yields and Return Calculations

Chapter 12 (p 151-164)
Chapter 12: Applying Duration, Convexity, and DV01

Chapter 13 (p 165-176)
Chapter 13: Modeling Non-Parallel Term Structure Shifts and Hedging

Chapter 9 (p 115-126)
Chapter 9: Pricing Conventions, Discounting, and Arbitrage


Chapter 14 (p 177-188)
Chapter 14: Binomial Trees

Chapter 15 (p 189-202)
Chapter 15: The Black-Scholes-Merton Model

Chapter 16 (p 203-218)
Chapter 16: Option Sensitivity Measures: The “Greeks”

FRM Exam Part II Study Modules

frm_2021_exam_part2book

(p 1-16)
Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). Chapter 3. Estimating Market Risk Measures: An Introduction and Overview

(p 17-34)
Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). Chapter 4. Non-parametric Approaches

(p 35-48)
Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). Chapter 7. Parametric Approaches (II): Extreme Value

(p 49-58)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 6. Backtesting VaR

(p 59-72)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 11. VaR Mapping

(p 105-123)
Gunter Meissner, Correlation Risk Modeling and Management, 2nd Edition (London: Risk Books, 2019). Chapter 1. Correlation Basics: Properties, Motivation, Terminology

(p 124-132)
Gunter Meissner, Correlation Risk Modeling and Management, 2nd Edition (London: Risk Books, 2019). Chapter 2. Empirical Properties of Correlation: How Do Correlations Behave in the Real World?

(p 133-138)
Gunter Meissner, Correlation Risk Modeling and Management, 2nd Edition (London: Risk Books, 2019). Chapter 4. Financial Correlation Modeling—Bottom-Up Approaches (pages 126-134 only)


(p 139-154)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 6. Empirical Approaches to Risk Metrics and Hedges

(p 155-166)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 7. The Science of Term Structure Models

(p 167-174)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 8. The Evolution of Short Rates and the Shape of the Term Structure

(p 175-186)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 9. The Art of Term Structure Models: Drift

(p 187-192)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 10. The Art of Term Structure Models: Volatility and Distribution

(p 193-202)
John C. Hull, Options, Futures, and Other Derivatives, 10th Edition (New York: Pearson, 2017). Chapter 20. Volatility Smiles

(p 203-210)
John C. Hull, Risk Management and Financial Institutions, 5th Edition (Hoboken, NJ: John Wiley & Sons, 2018). Chapter 18. Fundamental Review of the Trading Book

(p 73-104)
“Messages from the academic literature on risk measurement for the trading book,” Basel Committee on Banking Supervision, Working Paper, No. 19, Jan 2011.


(p 1-24)
Jonathan Golin and Philippe Delhaise, The Bank Credit Analysis Handbook, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013). Chapter 1. The Credit Decision

(p 25-56)
Jonathan Golin and Philippe Delhaise, The Bank Credit Analysis Handbook, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013). Chapter 2 . The Credit Analyst

(p 57-66)
Gerhard Schroeck, Risk Management and Value Creation in Financial Institutions (New York, NY: John Wiley & Sons, 2002). Chapter 5. Capital Structure in Banks (pages 170-186 only)

(p 67-112)
Giacomo De Laurentis, Renato Maino, and Luca Molteni, Developing, Validating and Using Internal Ratings (West Sussex, United Kingdom: John Wiley & Sons, 2010). Chapter 3. Rating Assignment Methodologies


(p 113-130)
René Stulz, Risk Management & Derivatives (Florence, KY: Thomson South-Western, 2002). Chapter 18. Credit Risks and Credit Derivatives

(p 131-146)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 7. Spread Risk and Default Intensity Models

(p 147-158)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 8. Portfolio Credit Risk (Sections 8.1, 8.2, 8.3 only)

(p 159-184)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 9. Structured Credit Risk


(p 199-216)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 6. Netting, Close-out, and Related Aspects

(p 217-246)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 7. Margin (Collateral) and Settlement

(p 247-268)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 11. Future Value and Exposure

(p 269-296)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 17. CVA

(p 297-306)
Stress Testing: Approaches, Methods, and Applications, Edited by Akhtar Siddique and Iftekhar Hasan (London: Risk Books, 2013). Chapter 4. The Evolution of Stress Testing Counterparty Exposures

(p 185-198)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 3. Counterparty Risk and Beyond


(p 307-320)
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York: McGraw-Hill, 2014). Chapter 9. Credit Scoring and Retail Credit Risk Management

(p 321-348)
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York: McGraw-Hill, 2014). Chapter 12. The Credit Transfer Markets—and Their Implications

(p 349-368)
Moorad Choudhry, Structured Credit Products: Credit Derivatives & Synthetic Securitization, 2nd Edition (New York: John Wiley & Sons, 2010). Chapter 12. An Introduction to Securitization

(p 369-424)
Adam Ashcraft and Til Schuermann, “Understanding the Securitization of Subprime Mortgage Credit,” Federal Reserve Bank of New York Staff Reports, No. 318 (March 2008).


(p 1-12)
“Principles for the Sound Management of Operational Risk,” (Basel Committee on Banking Supervision Publication, June 2011).

(p 159-172)
Giacomo De Laurentis, Renato Maino, Luca Molteni, Developing, Validating and Using Internal Ratings (Hoboken, NJ: John Wiley & Sons, 2010). Chapter 5.Validating Rating Models

(p 173-180)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 11. Section 11.1 Assessing the Quality of Risk Measures

(p 13-26)
Brian Nocco and René Stulz, “Enterprise Risk Management: Theory and Practice,” Journal of Applied Corporate Finance 18, No. 4 (2006): 8–20.

(p 27-36)
James Lam, Enterprise Risk Management: From Incentives to Controls, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2014). Chapter 4. What is ERM?

(p 37-76)
“Implementing Robust Risk Appetite Frameworks to Strengthen Financial Institutions,” Institute of International Finance, June 2011. (Introduction through Section 4 and Annex 1 only)

(p 77-104)
“Banking Conduct and Culture: A Permanent Mindset Change,” G30 Working Group, 2018. (Introduction through Lessons Learned only)

(p 105-114)
Alessandro Carretta and Paola Schwizer, Risk Culture in Banking (Palgrave Macmillan, 2017). Chapter 2. Risk Culture

(p 115-136)
Marcelo G. Cruz, Gareth W. Peters, and Pavel V. Shevchenko, Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk (Hoboken, NJ: John Wiley & Sons, 2015). Chapter 2. OpRisk Data and Governance

(p 137-150)
“Supervisory Guidance on Model Risk Management,” Federal Deposit Insurance Corporation, June 7, 2017.

(p 151-158)
Anthony Tarantino and Deborah Cernauskas, Risk Management in Finance: Six Sigma and Other Next Generation Techniques (Hoboken, NJ: John Wiley & Sons, 2009). Chapter 3. Information Risk and Data Quality Management


(p 181-192)
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York: McGraw-Hill, 2014). Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement

(p 193-234)
“Range of practices and issues in economic capital frameworks,” (Basel Committee on Banking Supervision Publication, March 2009).

(p 235-264)
“Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice,” Board of Governors of the Federal Reserve System, August 2013.

(p 265-269)
“Stress Testing Banks,” Til Schuermann, prepared for the Committee on Capital Market Regulation, Wharton Financial Institutions Center (2014).


(p 270-296)
“Guidance on Managing Outsourcing Risk,” Board of Governors of the Federal Reserve System, December 2013.

(p 297-290)
Mark Carey, “Management of Risks Associated with Money Laundering and Financing of Terrorism,” GARP Risk Institute, February 2019.

(p 291-300)
John C. Hull, Risk Management and Financial Institutions, 5th Edition (Hoboken, NJ: John Wiley & Sons, 2018). Chapter 17. Regulation of the OTC Derivatives Market

(p 301-314)
Mark Carey, “Capital Regulation Before the Global Financial Crisis,” GARP Risk Institute, April 2019.

(p 315-324)
Mark Carey, “Solvency, Liquidity and Other Regulation After the Global Financial Crisis,” GARP Risk Institute, April 2019.

(p 325-334)
“High-level summary of Basel III reforms,” (Basel Committee on Banking Supervision Publication, December 2017).

(p 335-342)
“Basel III: Finalising post-crisis reforms,” (Basel Committee on Banking Supervision Publication, December 2017): (pages 128-136 only).

(p 343-358)
Andrew Coburn, Eireann Leverett, and Gordon Woo, Solving Cyber Risk: Protecting Your Company and Society (Hoboken, NJ: Wiley, 2019). Chapter 8. The Cyber-Resilient Organization

(p 359-280)
“Cyber-resilience: Range of practices,” (Basel Committee on Banking Supervision Publication, December 2018). (Introduction through Section 6 only)

(p 281-402)
“Building the UK financial sector’s operational resilience,” (Bank of England, July 2018). (Exclude Section 3, Include only Annex 1)

(p 403-410)
“Striving for Operational Resilience,” Oliver Wyman, 2019.


(p 1-12)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 6. Factor Theory

(p 13-28)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 7. Factors

(p 29-52)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 10. Alpha (and the Low-Risk Anomaly)

(p 53-68)
Richard Grinold and Ronald Kahn, Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, 2nd Edition (New York: McGraw-Hill, 2000). Chapter 14. Portfolio Construction

(p 69-82)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 7. Portfolio Risk: Analytical Methods


(p 187-200)
Kevin R. Mirabile, Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance (Hoboken, NJ: Wiley Finance, 2016). Chapter 12. Performance Due Diligence on Specific Managers and Funds

(p 201-230)
Stephen G. Dimmock and William C. Gerken: Finding Bernie Madoff: Detecting Fraud by Investment Managers (2011)

(p 83-94)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 17. VaR and Risk Budgeting in Investment Management

(p 95-116)
Robert Litterman and the Quantitative Resources Group, Modern Investment Management: An Equilibrium Approach (Hoboken, NJ: John Wiley & Sons, 2003). Chapter 17. Risk Monitoring and Performance Measurement

(p 117-146)
Zvi Bodie, Alex Kane, and Alan J. Marcus, Investments, 12th Edition (New York: McGraw-Hill, 2020). Chapter 24. Portfolio Performance Evaluation

(p 147-186)
G. Constantinides, M. Harris and R. Stulz, eds., Handbook of the Economics of Finance, Volume 2B (Oxford, UK: Elsevier, 2013). Chapter 17. Hedge Funds


(p 1-16)
John C. Hull, Risk Management and Financial Institutions, 5th Edition (Hoboken, NJ: John Wiley & Sons, 2018). Chapter 24. Liquidity Risk

(p 381-399)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York, NY: Oxford University Press, 2014). Chapter 13. Illiquid Assets

(p 17-44)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 12. Liquidity and Leverage

(p 45-54)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 6. Early Warning Indicators

(p 55-86)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 10. The Investment Function in Financial Services Management

(p 87-118)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 11. Liquidity and Reserves Management: Strategies and Policies

(p 119-132)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 4. Intraday Liquidity Risk Management

(p 133-154)
Antonio Castagna, Francesco Fede, Measuring and Managing Liquidity Risk (United Kindom, John Wiley & Sons, 2013). Chapter 6. Monitoring Liquidity


(p 187-208)
Moorad Choudhry, The Principles of Banking Institutions (Singapore: John Wiley & Sons, 2012). Chapter 14. Liquidity Risk Reporting and Stress Testing

(p 209-220)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 7. Contingency Funding Planning

(p 221-246)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 12. Managing and Pricing Deposit Services

(p 247-272)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 13. Managing Nondeposit Liabilities

(p 155-170)
Darrell Duffie, 2010. “The Failure Mechanics of Dealer Banks,” Journal of Economic Perspectives 24:1, 51-72.

(p 171-186)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 3. Liquidity Stress Testing


(p 273-286)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today’s Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 12. Repurchase Agreements and Financing

(p 287-308)
Joel Grant, 2011. “Liquidity Transfer Pricing: A Guide to Better Practice,” Occasional Paper, Financial Stability Board, Bank for International Settlements.

(p 309-332)
Patrick McGuire, Gotz von Peter, 2009. “The US Dollar Shortage in Global Banking and the International Policy Response,” BIS Working Papers, Bank for International Settlements.

(p 333-348)
Claudio Borio, Robert McCauley, Patrick McGuire, Vladyslav Sushko, 2016. “Covered Interest Rate Parity Lost: Understanding the Cross-Currency Basis,” BIS Quarterly Review.

(p 349-380)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 7. Risk management for Changing Interest Rates: Asset-Liability Management and Duration Techniques


(p 0-0)
Andreas Schrimpf and Vladyslav Sushko, “Beyond LIBOR: a primer on the new benchmark rates,” BIS Quarterly Review, March 5, 2019.

(p 0-0)
“Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis”, Federal Reserve Bank of New York Staff Reports, June 2020.

(p 0-0)
Bart van Liebergen, “Machine Learning: A Revolution in Risk Management and Compliance?” Institute of International Finance, April 2017.

(p 0-0)
“Artificial intelligence and machine learning in financial services,” Financial Stability Board, Nov. 1, 2017.

(p 0-0)
Chapter 5: Climate Change: Physical Risk and Equity, Global Financial Stability Report: Markets in the Time of COVID-19, International Monetary Fund (IMF), May 2020.

(p 0-0)
Patrick Bolton, Morgan Despres, Luiz Awazu, Pereira Da Silva, Frédéric Samama, Romain Svartzman, “The Green Swan – Central Banking and Financial Stability in the Age of Climate Change”, Bank for International Settlements (BIS), January 2020. (Chapter 1 - Chapter 3 only)

(p 0-0)
Valentin Haddad, Alan Moreira, and Tyler Mui, “When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response”

(p 0-0)
Chapter 1: Global Financial Stability Report: Markets in the Time of COVID-19, International Monetary Fund (IMF), May 2020.

(p 0-0)
Financial Crime in Times of COVID-19 – AML and Cyber Resilience Measures”, Financial Stability Institute, May 2020

(p 0-0)
Stephen Cecchetti, Kim Schoenholtz, “Replacing LIBOR” https://voxeu.org/article/replacing-libor. September 2019.

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