The Global Risks Alliance (GRA)
Topics at Capital Markets Nexus: the pages in this section are listed below, each with its own scope and status.
GRA · Established · service level R0
The Capital Markets Nexus topics are the eight subject dossiers of its field, among them equity and fixed income, market liquidity, and clearing and settlement. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.
GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.
Topic pages in Capital Markets Nexus share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for market risk and trading risk managers and clearing and settlement specialists.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Credit spread | The extra yield a bond pays over a comparable government bond to compensate for default and liquidity risk. |
| Liquidity spiral | A feedback in which falling prices raise margins and force sales that push prices down further. |
| Default waterfall | The order in which a central counterparty uses resources to cover a member's default, from its margin to the default fund and CCP capital. |
| Legal entity identifier | A twenty-character code identifying a legal entity in financial transactions, under the GLEIF system. |
| Interconnectedness | The links among institutions through exposures, holdings and services that let stress pass between them. |
The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.
Market instruments and exposure types.
TopicDislocation and funding stress.
TopicCentral counterparties and operations.
TopicIntegrity, disclosures and sources.
TopicIntermediaries, holdings and interconnectedness.
TopicCross-border exposures and market response.
TopicAI and tokenization risks.
TopicTransparency and professional boundaries.
The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.