Following the fall of Lehman Brothers, conference-goers and industry associations had numerous discussions on counterparty risk and liquidity risk. But this summer the risk debates moved on to systemic risk.

Systemic risk, the process of looking at risk in the financial system, has in recent months become a hot topic in research papers and forum presentations. It has taken centre stage due to its emphasis on connections between market participants, and the concept is likely to underpin coming re

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