Systemic Risk in Derivatives Markets: A Pilot Study Using CDS Data

2016 ◽  
Author(s):  
Robleh Ali ◽  
Nicholas Vause ◽  
Filip Zikes
Keyword(s):  
Pilot Study ◽  
Systemic Risk ◽  
Derivatives Markets

scholarly journals Systemic risk and banking regulation: Some facts on the new regulatory framework

2015 ◽  
Vol 12 (2) ◽  
pp. 52-63 ◽  
Author(s):  
Michele Bonollo ◽  
Irene Crimaldi ◽  
Andrea Flori ◽  
Fabio Pammolli ◽  
Massimo Riccaboni
Keyword(s):  
Systemic Risk ◽  
Banking Regulation ◽  
Regulatory Framework ◽  
Data Availability ◽  
Relevant Role ◽  
Recent Financial Crisis ◽  
The Stability ◽  
Derivatives Markets ◽  
Shed Light

The recent financial crisis highlighted the relevant role of the systemic effects of banks’ defaults on the stability of the whole financial system. In this work we draw an organic picture of the current regulations, moving from the definitions of systemic risk to the issues concerning data availability. We show how a more detailed flow of data on traded deals might shed light on some systemic risk features taken into account only partially in the past. In particular, we analyse how the new regulatory framework allows regulators to describe OTC derivatives markets according to more detailed partitions, thus depicting a more realistic picture of the system. Finally, we suggest to study sub-markets illiquidity conditions to consider possible spill over effects which might lead to a worsening for the entire system

scholarly journals The Unfinished Business Of Regulating Clearinghouses

2020 ◽  
Vol 2020 (2) ◽  
Author(s):  
Paolo Saguato
Keyword(s):  
Systemic Risk ◽  
Financial Stability ◽  
Financial Risk ◽  
Unfinished Business ◽  
Wall Street ◽  
Clear Cut ◽  
The 2008 Financial Crisis ◽  
Multi Stakeholder ◽  
Derivatives Markets ◽  
Risk Managers

Financial derivatives have been widely blamed for causing the 2008 financial crisis. These complex instruments created a deep and opaque web of bilateral links between major financial institutions that contributed to the transmission of systemic risk throughout financial markets. In order to stabilize the derivatives markets, legislators included radical provisions in the Dodd-Frank Wall Street Reform Act of 2010. As a result, traders are now required to process derivatives through clearinghouses: specialized risk managers that act as middlemen between buyers and sellers and guarantee each party’s performance. Policymakers believed that clearinghouses would provide much-needed stability in derivatives markets by acting as designated systemic risk managers. However, this Article argues that the effect of clearinghouses on systemic risk is less clear-cut than scholars and policymakers have generally believed. While clearinghouses have removed much of the financial risk from markets, they have simultaneously concentrated it within their own walls. Yet, these walls stand on fragile foundations: the economic and governance incentives of clearinghouses and their stakeholders are misaligned, which could undermine their systemic resilience. This Article contends that the current regulatory framework has critical, overlooked flaws that exacerbate clearinghouses’ moral hazard while creating new, risky, too-big-to-fail institutions. It urges policymakers to intervene: in order to rectify this situation, financial regulators must do more to ensure that clearinghouses are bastions of financial stability and not systemic risk amplifiers. The implementation of a multi-stakeholder board and the creation of hybrid financial instruments to complement the capital structure of clearinghouses are the first steps toward enhancing the accountability and systemic resilience of these critical market infrastructures.

Pilot study on criteria in cavity preparation-facts or artifacts?

1973 ◽  
Vol 37 (11) ◽  
pp. 27-31 ◽  
Author(s):  
G Salvendy ◽  
WM Hinton ◽  
GW Ferguson ◽  
PR Cunningham
Keyword(s):  
Pilot Study ◽  
Cavity Preparation

A Pilot Study of Early Storybook Reading With Babies With Hearing Loss

2019 ◽  
Vol 62 (9) ◽  
pp. 3397-3412
Author(s):  
Michelle I. Brown ◽  
David Trembath ◽  
Marleen F. Westerveld ◽  
Gail T. Gillon
Keyword(s):  
Hearing Loss ◽  
Pilot Study ◽  
Visual Analysis ◽  
Single Case ◽  
Eye Contact ◽  
Preliminary Evidence ◽  
Storybook Reading ◽  
Book Selection ◽  
Turn Taking ◽  
Parent Child

Purpose This pilot study explored the effectiveness of an early storybook reading (ESR) intervention for parents with babies with hearing loss (HL) for improving (a) parents' book selection skills, (b) parent–child eye contact, and (c) parent–child turn-taking. Advancing research into ESR, this study examined whether the benefits from an ESR intervention reported for babies without HL were also observed in babies with HL. Method Four mother–baby dyads participated in a multiple baseline single-case experimental design across behaviors. Treatment effects for parents' book selection skills, parent–child eye contact, and parent–child turn-taking were examined using visual analysis and Tau-U analysis. Results Statistically significant increases, with large to very large effect sizes, were observed for all 4 participants for parent–child eye contact and parent–child turn-taking. Limited improvements with ceiling effects were observed for parents' book selection skills. Conclusion The findings provide preliminary evidence for the effectiveness of an ESR intervention for babies with HL for promoting parent–child interactions through eye contact and turn-taking.

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