scholarly journals The Promise of Blockchain Technology for Global Securities and Derivatives Markets: The New Financial Ecosystem and the 'Holy Grail' of Systemic Risk Containment

2018 ◽  
Author(s):  
Emilios Avgouleas ◽  
Aggelos Kiayias
Keyword(s):  
Systemic Risk ◽  
Holy Grail ◽  
Blockchain Technology ◽  
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.

Salvation of the diabetic foot: Still a quest for the holy grail?

VASA ◽  
2011 ◽  
Vol 40 (4) ◽  
pp. 267-269 ◽  
Author(s):  
Papanas ◽  
Maltezos ◽  
Edmonds
Keyword(s):  
Diabetic Foot ◽  
Holy Grail

The Quest for the Holy Grail

1981 ◽  
Vol 26 (9) ◽  
pp. 706-707
Author(s):  
Robert S. Siegler
Keyword(s):  
Holy Grail
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