Achieving supervisory control of systemic risk


[FREE to registrants] It is difficult to know what the ideal team to review practical issues in implementation in systemic risk would look like.  It is necessary to balance experience with independence, interview skills with technical expertise, knowledge with practicality and curiosity with an action orientation.  In the event, our team came together because we knew each other and covered knowledge of regulation, regulatory processes, economics, history, mathematics, financial services, systems and data management and academia.

The team has conducted 30+ interviews with representatives of central banks, regulators, supervisors, major banks, broker dealers, hedge funds and asset managers, international agencies, suppliers to financial services and trade associations across Europe and the United States.  A list of institutions with which we conducted interviews is shown in Chapter 28.

In parallel, the team has reviewed over 300 official documents containing more than 100,000 pages, academic contributions and industry research on the systemic risk debate.  Many of these have been consistent but there has been a significant minority with opposing or contrary perspectives to understand and compare.  Although there is a bibliography attached to this report, it is not comprehensive; for comprehensive tracking the multitude of global documents which constitute the regulatory tsunami, see

With systemic risk being such an ‘umbrella topic’, this report necessarily involved the findings of over 20 research efforts conducted by JWG into the G20’s regulatory change programme. 
The team has pieced together a picture of an industry that is just getting to grips with the fact that it has to make some fundamental changes and faces a worrying spread in approaches that will bring both regulatory and commercial consequences.

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