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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nm9t0n2s.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-scene nx-es-scene\" data-scene=\"text\" data-ground=\"none\" data-es-org=\"gra\" aria-labelledby=\"nx-scene-title\"><div class=\"nx-scene-intro nx-es-intro\"><p class=\"nx-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 Capital Markets Nexus<\/p><span class=\"nx-scene-rule\" aria-hidden=\"true\"><\/span><p class=\"nx-scene-accent nx-es-sig\"><strong>Spatial finance<\/strong><span>Where capital meets hazard, exposure and transition<\/span><\/p><h1 id=\"nx-scene-title\" class=\"nx-scene-title\">Capital Markets Nexus<\/h1><p class=\"nx-scene-lede\">Capital-markets <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, information, infrastructure and cross-market financial risk. Capital Markets Nexus is an established platform of The Global Risks Alliance.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/about\/\">Open Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/about\/\">About GRA<\/a><\/div><\/div><dl class=\"nx-scene-stats nx-es-stats\"><div><dt class=\"nx-eyebrow\">STEM methods<\/dt><dd>5<\/dd><dd class=\"nx-scene-stat-note\">Canonical methods this field applies<\/dd><\/div><div><dt class=\"nx-eyebrow\">Topics<\/dt><dd>8<\/dd><dd class=\"nx-scene-stat-note\">Subject pages in the field<\/dd><\/div><div><dt class=\"nx-eyebrow\">Counterparts<\/dt><dd>1<\/dd><dd class=\"nx-scene-stat-note\">Platforms in shared fields across the network<\/dd><\/div><div><dt class=\"nx-eyebrow\">Report series<\/dt><dd>2<\/dd><dd class=\"nx-scene-stat-note\">Reports series it contributes to<\/dd><\/div><\/dl><\/section><section id=\"nx-s-1-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">How the work runs.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"dag\"><div class=\"nx-hero-canvas\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Systems<\/strong> \u00b7 around this subject<\/span><span class=\"nx-eyebrow\">Illustrative<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-markets-liquidity\" data-cx=\"markets.liquidity\" data-variant=\"section\" aria-label=\"Market liquidity and clearing monitor: illustrative console with example names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Market liquidity and clearing monitor<\/h3><p class=\"nx-fk-sub\">Bond market \u00b7 Session 2<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure&#8217;s values<\/small><\/button><\/li><\/ul><\/div><\/div><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Spreads widening<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Capital Markets Nexus<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Bid-ask spread<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 460 210\" width=\"460\" height=\"210\" role=\"img\" aria-label=\"Bid-ask spread\" focusable=\"false\" tabindex=\"0\" preserveAspectRatio=\"xMidYMid meet\" data-fk-chart=\"cx-markets-liquidity-c0\" data-fk-xs=\"lin,0,23,36,446\" data-fk-ys=\"lin,0,100,180,20\" data-fk-series=\"Today|ink|l||0:47.8;1:51.5;2:52.5;3:56;4:54.6;5:60.3;6:60.6;7:57.8;8:63.1;9:65.4;10:65.4;11:65;12:64.8;13:62.7;14:65.8;15:66.5;16:65.8;17:70.2;18:67.3;19:68.2;20:70;21:73.7;22:79.4;23:83.6~30-day average|acc|l||0:51.7;1:54.2;2:57.9;3:59.1;4:57.8;5:57.5;6:56.9;7:61;8:61.7;9:66.7;10:70.4;11:75.1;12:78.7;13:81.3;14:80.3;15:78;16:76.4;17:75.9;18:76;19:80.6;20:79.4;21:83.5;22:83.1;23:84.6\" data-nx-z=\"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\"><\/svg><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"bullets\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">CCP resources<\/h4><p class=\"nx-fk-panel-sub\">vs largest two members&#8217; default, illustrative<\/p><\/div><\/div><div class=\"nx-fk-chart\"><svg class=\"nx-fk-svg\" viewBox=\"0 0 360 92\" width=\"360\" height=\"92\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"CCP resources\" data-fk-chart=\"bars\"><g data-m=\"row\" data-k=\"r-b0\"><text data-m=\"rlabel\" x=\"104\" y=\"17\" text-anchor=\"end\">Initial margin<\/text><rect data-m=\"bar\" data-k=\"b-b0\" data-c=\"acc\" x=\"112\" y=\"4\" width=\"70.6\" height=\"18\"\/><text data-m=\"vlabel\" data-k=\"v-b0\" x=\"188.6\" y=\"17\">6 bn<\/text><rect data-m=\"hit\" x=\"0\" y=\"-1\" width=\"360\" height=\"28\"\/><\/g><g data-m=\"row\" data-k=\"r-b1\"><text data-m=\"rlabel\" x=\"104\" y=\"45\" text-anchor=\"end\">Default fund<\/text><rect data-m=\"bar\" data-k=\"b-b1\" data-c=\"acc\" x=\"112\" y=\"32\" width=\"12.2\" height=\"18\"\/><text data-m=\"vlabel\" data-k=\"v-b1\" x=\"130.2\" y=\"45\">1 bn<\/text><rect data-m=\"hit\" x=\"0\" y=\"27\" width=\"360\" height=\"28\"\/><\/g><g data-m=\"row\" data-k=\"r-b2\"><text data-m=\"rlabel\" x=\"104\" y=\"73\" text-anchor=\"end\">Cover 2 requirement<\/text><rect data-m=\"bar\" data-k=\"b-b2-v\" data-c=\"acc\" x=\"112\" y=\"60\" width=\"48.3\" height=\"18\"\/><rect data-m=\"bar\" data-k=\"b-b2-r\" data-c=\"rule\" x=\"161.3\" y=\"60\" width=\"8.7\" height=\"18\"\/><text data-m=\"vlabel\" data-k=\"v-b2\" x=\"176\" y=\"73\">4 bn of 5 bn required<\/text><rect data-m=\"hit\" x=\"0\" y=\"55\" width=\"360\" height=\"28\"\/><\/g><\/svg><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Settlement and surveillance<\/h4><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-markets-liquidity-t2\"><table class=\"nx-fk-table\" data-fk-table=\"cx-markets-liquidity-t2\" aria-label=\"Settlement and surveillance\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Item<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Count<\/button><\/th><th scope=\"col\" data-col=\"c2\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Change<\/button><\/th><th scope=\"col\" data-col=\"c3\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">State<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-markets-liquidity:r2-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Settlement fails<\/td><td data-num=\"true\" data-sv=\"84\">84<\/td><td data-sv=\"15.940333039034158\">\u25b2 16<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Normal<\/span><\/td><\/tr><tr data-fk-key=\"cx-markets-liquidity:r2-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Margin calls intraday<\/td><td data-num=\"true\" data-sv=\"9\">9<\/td><td data-sv=\"3.6247924668714404\">\u25b2 4<\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Elevated<\/span><\/td><\/tr><tr data-fk-key=\"cx-markets-liquidity:r2-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Surveillance alerts<\/td><td data-num=\"true\" data-sv=\"136\">136<\/td><td data-sv=\"-0.9859566390514374\">\u25bc 1<\/td><td><span class=\"nx-fk-pill\" data-state=\"info\"><i aria-hidden=\"true\"><\/i>Triage<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Market liquidity and clearing monitor: the screen&#8217;s structure, terms and states for Bond market.<\/span><span data-honesty=\"true\">Example names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><p class=\"nx-caption\"><strong>Fig.<\/strong><span>Market liquidity and clearing monitor: example names and illustrative values, not a record or a live system.<\/span><\/p><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"finance\" aria-label=\"Frameworks, Scenario model, Topics, Exposure, loss and capital\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Frameworks, Scenario model, Topics, Exposure, loss and capital\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-1\" aria-controls=\"nx-sec-frameworks\" aria-selected=\"true\" data-key=\"p1\">Frameworks<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-2\" aria-controls=\"nx-sec-instrument\" aria-selected=\"false\" data-key=\"p2\">Scenario model<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-3\" aria-controls=\"nx-s-4-sec\" aria-selected=\"false\" data-key=\"p3\">Topics<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-4\" aria-controls=\"nx-sec-audience\" aria-selected=\"false\" data-key=\"p4\">Exposure, loss and capital<\/button><\/div><section id=\"nx-sec-frameworks\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Frameworks<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">What the work is read against.<\/h2><p class=\"nx-lede\">The platform does not set standards. It reads its evidence against the frameworks that competent bodies have adopted, so a finding can be placed where a decision-maker already works.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Framework or standard<\/th><th scope=\"col\">Body<\/th><th scope=\"col\">What it sets<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Framework or standard\">IOSCO Objectives and Principles of Securities Regulation<\/td><td data-label=\"Body\">International Organization of Securities Commissions<\/td><td data-label=\"What it sets\">Principles for regulators, issuers, collective investment schemes, intermediaries, secondary markets and clearing and settlement, with an assessment methodology<\/td><\/tr><tr><td data-label=\"Framework or standard\">Principles for Financial Market Infrastructures<\/td><td data-label=\"Body\">CPMI and IOSCO<\/td><td data-label=\"What it sets\">Standards for central counterparties, securities settlement <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a>, central securities depositories, payment systems and trade repositories, with public quantitative disclosure standards<\/td><\/tr><tr><td data-label=\"Framework or standard\">MiFID II and MiFIR<\/td><td data-label=\"Body\">European Union, applied by ESMA and national competent authorities<\/td><td data-label=\"What it sets\">Trading venue structure, pre-trade and post-trade transparency, transaction reporting, best execution, algorithmic trading controls and investor protection<\/td><\/tr><tr><td data-label=\"Framework or standard\">EMIR and Dodd-Frank Act Title VII<\/td><td data-label=\"Body\">European Union; US CFTC and SEC<\/td><td data-label=\"What it sets\">Clearing obligations, margin for uncleared derivatives, trade repository reporting and supervision of derivatives market participants<\/td><\/tr><tr><td data-label=\"Framework or standard\">Policy recommendations on non-bank financial intermediation<\/td><td data-label=\"Body\">Financial Stability Board<\/td><td data-label=\"What it sets\">Liquidity mismatch in open-ended funds, money market fund resilience, margining practices and non-bank leverage<\/td><\/tr><tr><td data-label=\"Framework or standard\">IFRS S1 and IFRS S2<\/td><td data-label=\"Body\">International Sustainability Standards Board, IFRS Foundation<\/td><td data-label=\"What it sets\">General sustainability-related and climate-related financial disclosures by issuers for investors<\/td><\/tr><tr><td data-label=\"Framework or standard\">Market Abuse Regulation and US anti-fraud and anti-manipulation rules<\/td><td data-label=\"Body\">European Union; US SEC and CFTC<\/td><td data-label=\"What it sets\">Prohibitions on insider dealing, unlawful disclosure and manipulation, with surveillance and suspicious order reporting duties<\/td><\/tr><tr><td data-label=\"Framework or standard\">ISO 10962 Classification of Financial Instruments and ISO 6166 ISIN<\/td><td data-label=\"Body\">International Organization for Standardization<\/td><td data-label=\"What it sets\">Codes that classify and identify securities and derivatives across venues, reports and jurisdictions<\/td><\/tr><tr><td data-label=\"Framework or standard\">ISO 17442 Legal Entity Identifier<\/td><td data-label=\"Body\">ISO, with the Global LEI System overseen by the LEI Regulatory Oversight Committee<\/td><td data-label=\"What it sets\">A unique identifier for legal entities in financial transactions, with reference and parent relationship data<\/td><\/tr><tr><td data-label=\"Framework or standard\">Critical data elements, UTI and UPI technical guidance<\/td><td data-label=\"Body\">CPMI and IOSCO<\/td><td data-label=\"What it sets\">Harmonised definitions and identifiers for OTC derivatives transaction reporting so trade repository data can be aggregated<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-instrument\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-ns-layout=\"es-wide\" aria-labelledby=\"nx-s-3\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Scenario model<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Transition and physical risk on a portfolio.<\/h2><p class=\"nx-lede\">Three scenario families after the NGFS framework move a sector portfolio through carbon costs and warming damages; the transmission view follows the losses to lenders, investors, public finances and households. Scenario: named assumptions about the future, not a forecast.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-in nx-fk\" id=\"nx-in-capital-markets-nexus-0\" data-nxi=\"transition\" data-nxi-id=\"transition\" data-nxi-z=\"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\" aria-label=\"Transition and physical risk on a portfolio\"><div class=\"nx-in-body\"><div class=\"nx-in-main\"><div class=\"nx-in-tabs\" data-nxi-tabs=\"true\" aria-label=\"Views of the model\" hidden><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"result\">Result<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"bars\">By sector<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"flow\">Transmission<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"fan\">Uncertainty<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"tornado\">Sensitivity<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"loops\">Loops<\/button><\/div><div class=\"nx-in-stage\" id=\"nx-in-capital-markets-nexus-0-stage\" data-nxi-stage=\"true\" data-view=\"result\"><svg class=\"nx-in-svg\" viewBox=\"0 0 720 340\" role=\"img\" aria-label=\"Value change by scenario\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-in-tip\" data-nxi-tip=\"true\" aria-live=\"polite\"><\/p><div class=\"nx-in-bar\" data-nxi-bar=\"true\" role=\"group\" aria-label=\"Play over time\" hidden><button type=\"button\" class=\"nx-in-btn\" data-nxi-prev=\"true\" aria-label=\"Step back\">&#8249;<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-play=\"true\" aria-pressed=\"false\">Play<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-next=\"true\" aria-label=\"Step forward\">&#8250;<\/button><span class=\"nx-in-step\" data-nxi-step=\"true\" aria-live=\"polite\"><\/span><\/div><\/div><div class=\"nx-in-side\"><p class=\"nx-eyebrow\">Controls<\/p><div class=\"nx-in-ctl\" data-nxi-ctl=\"true\"><dl class=\"nx-in-pv\"><div><dt>Carbon price at the horizon, orderly path<\/dt><dd>200 per tCO2<\/dd><\/div><div><dt>Delay before a disorderly transition<\/dt><dd>50% of horizon<\/dd><\/div><div><dt>Cost passed to customers<\/dt><dd>50%<\/dd><\/div><div><dt>Warming today above pre-industrial<\/dt><dd>1.30\u00b0C<\/dd><\/div><div><dt>Warming per decade, current policies<\/dt><dd>0.25\u00b0C<\/dd><\/div><div><dt>Damage coefficient<\/dt><dd>0.24% per \u00b0C\u00b2<\/dd><\/div><div><dt>Years ahead<\/dt><dd>25 years<\/dd><\/div><\/dl><\/div><p class=\"nx-eyebrow\">Readouts<\/p><dl class=\"nx-in-out\" data-nxi-out=\"true\" aria-live=\"polite\"><div><dt>Worst scenario at the horizon<\/dt><dd>\u221233.6% of value<\/dd><\/div><\/dl><\/div><\/div><details class=\"nx-in-more\"><summary>Numbers, methods and sources<\/summary><div class=\"nx-in-more-in\"><div class=\"nx-in-tblw\" data-nxi-table=\"true\"><table class=\"nx-in-tbl\"><thead><tr><th scope=\"col\">Year<\/th><th scope=\"col\">Orderly transition (% value)<\/th><th scope=\"col\">Delayed, disorderly transition (% value)<\/th><th scope=\"col\">Current policies (% value)<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">0<\/th><td>\u22120.38<\/td><td>\u22120.38<\/td><td>\u22120.38<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>\u22122.87<\/td><td>\u22120.53<\/td><td>\u22120.67<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>\u22125.36<\/td><td>\u22120.68<\/td><td>\u22120.97<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>\u22127.84<\/td><td>\u22120.84<\/td><td>\u22121.27<\/td><\/tr><tr><th scope=\"row\">12<\/th><td>\u221210.33<\/td><td>\u22120.99<\/td><td>\u22121.57<\/td><\/tr><tr><th scope=\"row\">15<\/th><td>\u221212.82<\/td><td>\u22127.12<\/td><td>\u22121.87<\/td><\/tr><tr><th scope=\"row\">18<\/th><td>\u221215.31<\/td><td>\u221215.05<\/td><td>\u22122.17<\/td><\/tr><tr><th scope=\"row\">21<\/th><td>\u221217.80<\/td><td>\u221223.00<\/td><td>\u22122.48<\/td><\/tr><tr><th scope=\"row\">24<\/th><td>\u221220.29<\/td><td>\u221230.94<\/td><td>\u22122.79<\/td><\/tr><\/tbody><\/table><\/div><button type=\"button\" class=\"nx-in-btn\" data-nxi-csv=\"true\" hidden>Download the numbers (CSV)<\/button><h4 class=\"nx-h4\">Methods<\/h4><ol class=\"nx-in-meth\"><li>Climate scenario families <span class=\"nx-in-cite\">NGFS (2023), Climate Scenarios for central banks and supervisors, Phase IV<\/span><\/li><li>Climate stress test of the financial system <span class=\"nx-in-cite\">Battiston and others (2017), Nature Climate Change 7<\/span><\/li><li>Damage function <span class=\"nx-in-cite\">Nordhaus (2017), Revisiting the social cost of carbon, PNAS 114<\/span><\/li><li>Transmission channels <span class=\"nx-in-cite\">BCBS (2021), Climate-related risk drivers and their transmission channels<\/span><\/li><li>Uncertainty fan (parameter Monte Carlo) <span class=\"nx-in-cite\">Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333<\/span><\/li><li>One-at-a-time sensitivity (tornado) <span class=\"nx-in-cite\">Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley<\/span><\/li><\/ol><h4 class=\"nx-h4\">Data<\/h4><p class=\"nx-p\">The model runs on the teaching values set by the controls. To calibrate it for a place, read it against these admitted layers and series, which this page&#8217;s map can draw:<\/p><ul class=\"nx-in-src\"><li>Urban extents <span class=\"nx-in-cite\">Natural Earth<\/span><\/li><li>Seaports <span class=\"nx-in-cite\">Natural Earth<\/span><\/li><li>Past year, daily temperature (ERA5 via Open-Meteo) <span class=\"nx-in-cite\">Open-Meteo.com (CC BY 4.0), Copernicus ERA5 (C3S\/ECMWF) \u00b7 register open-meteo.public-pages<\/span><\/li><li>Surface air temperature, daytime (AIRS) <span class=\"nx-in-cite\">NASA AIRS \u00b7 register nasa.gibs.context-live-layers<\/span><\/li><\/ul><\/div><\/details><figcaption class=\"nx-caption\">Transition and physical risk on a portfolio. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: Climate scenario families (NGFS (2023), Climate Scenarios for central banks and supervisors, Phase IV); Climate stress test of the financial system (Battiston and others (2017), Nature Climate Change 7); Damage function (Nordhaus (2017), Revisiting the social cost of carbon, PNAS 114).<\/figcaption><div class=\"nx-in-pls\"><p class=\"nx-eyebrow\">Across the six pillars, led by Nexus Consortium<\/p><ul class=\"nx-in-pl\" aria-label=\"Where this instrument connects across the pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Experiments<\/span> <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Built in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/foundry\/\">Capital Markets Nexus in Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Tested at<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/universe\/\">Capital Markets Nexus in Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Codified in<\/span> <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Published in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/reports\/\">Capital Markets Nexus in Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Taught in<\/span> <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><\/li><\/ul><\/div><span class=\"nx-in-keep\" hidden><i data-c=\"c1\"><\/i><i data-c=\"c2\"><\/i><i data-c=\"c3\"><\/i><i data-c=\"c4\"><\/i><i data-c=\"c5\"><\/i><i data-c=\"c6\"><\/i><i data-c=\"l0\"><\/i><i data-c=\"l1\"><\/i><i data-c=\"l2\"><\/i><i data-c=\"l3\"><\/i><i data-c=\"l5\"><\/i><i data-c=\"h3\"><\/i><i data-c=\"neg\"><\/i><i data-c=\"on0\"><\/i><i data-c=\"on1\"><\/i><i data-l=\"0\"><\/i><i data-l=\"1\"><\/i><i data-l=\"2\"><\/i><i data-l=\"3\"><\/i><i data-l=\"4\"><\/i><i data-l=\"5\"><\/i><i data-on=\"0\"><\/i><i data-on=\"1\"><\/i><i data-pol=\"p\"><\/i><i data-pol=\"n\"><\/i><i data-k=\"R\"><\/i><i data-k=\"B\"><\/i><i data-k=\"dash\"><\/i><i data-dash=\"true\"><\/i><i data-view=\"result\"><\/i><i data-nxi-live=\"on\"><\/i><i data-nxi-live=\"off\"><\/i><i class=\"nx-in-svg nx-in-grid nx-in-ax nx-in-tk nx-in-at nx-in-ln nx-in-band nx-in-lbl nx-in-lk nx-in-ref nx-in-reft nx-in-mk nx-in-x nx-in-rect nx-in-val nx-in-rowl nx-in-cl nx-in-arrow nx-in-pol nx-in-cln nx-in-loop nx-in-edge nx-in-node nx-in-nl nx-in-reach nx-in-trib nx-in-agent nx-in-flow nx-in-legend nx-in-sw nx-in-note nx-in-loops nx-in-3d nx-in-cv nx-in-field nx-in-fl nx-in-fv nx-in-range nx-in-btn nx-in-err nx-in-tbl nx-in-cite\"><\/i><\/span><\/figure><\/div><\/div><\/section><section id=\"nx-s-4-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-4\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topics<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">The questions this field works on.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/equity-and-fixed-income\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Equity and fixed income<\/h3><p class=\"nx-p nx-mt-1\">Market instruments and exposure types.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-liquidity\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Market liquidity<\/h3><p class=\"nx-p nx-mt-1\">Dislocation and funding stress.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/clearing-and-settlement\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Clearing and settlement<\/h3><p class=\"nx-p nx-mt-1\">Central counterparties and operations.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-data-quality\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Market data quality<\/h3><p class=\"nx-p nx-mt-1\">Integrity, disclosures and sources.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-concentration\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Market concentration<\/h3><p class=\"nx-p nx-mt-1\">Intermediaries, holdings and interconnectedness.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/geopolitical-shocks\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Geopolitical shocks<\/h3><p class=\"nx-p nx-mt-1\">Cross-border exposures and market response.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/digital-markets\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Digital markets<\/h3><p class=\"nx-p nx-mt-1\">AI and tokenisation risks.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-conduct\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Market conduct<\/h3><p class=\"nx-p nx-mt-1\">Transparency and professional boundaries.<\/p><\/a><\/div><\/div><\/div><\/section><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-5\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">What Capital Markets Nexus means for exposure, loss and capital.<\/h2><p class=\"nx-lede\">The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-au\" data-au-voice=\"finance\" data-au-n=\"2\"><figure class=\"nx-au-c\" data-au-fig=\"capital-fiscal\"><h3 class=\"nx-h4\">Capital, solvency and fiscal indicators<\/h3><p class=\"nx-p nx-au-what\">The indicators a risk officer, supervisor or ministry of finance reads first on Capital Markets Nexus.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Who reads it<\/th><th scope=\"col\">Framework<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">CET1 ratio<\/td><td data-label=\"Unit\">% of risk-weighted assets<\/td><td data-label=\"Who reads it\">Banks, supervisors<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity coverage ratio<\/td><td data-label=\"Unit\">% of stressed outflows<\/td><td data-label=\"Who reads it\">Banks, central banks<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Solvency ratio<\/td><td data-label=\"Unit\">% of solvency capital requirement<\/td><td data-label=\"Who reads it\">Insurers, supervisors<\/td><td data-label=\"Framework\">IAIS Insurance Core Principles<\/td><\/tr><tr><td data-label=\"Indicator\">Combined ratio<\/td><td data-label=\"Unit\">% of earned premium<\/td><td data-label=\"Who reads it\">Insurers<\/td><td data-label=\"Framework\">Actuarial practice<\/td><\/tr><tr><td data-label=\"Indicator\">Protection gap<\/td><td data-label=\"Unit\">uninsured share of economic loss<\/td><td data-label=\"Who reads it\">Insurers, ministries of finance<\/td><td data-label=\"Framework\">Published loss statistics<\/td><\/tr><tr><td data-label=\"Indicator\">Public debt<\/td><td data-label=\"Unit\">% of GDP<\/td><td data-label=\"Who reads it\">Ministries of finance, IMF<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><tr><td data-label=\"Indicator\">Gross financing needs<\/td><td data-label=\"Unit\">% of GDP per year<\/td><td data-label=\"Who reads it\">Ministries of finance, investors<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution&#8217;s own reporting and are never shown here.<\/span><\/figcaption><\/figure><figure class=\"nx-au-c\" data-au-fig=\"transmission\"><h3 class=\"nx-h4\">Transmission channels<\/h3><p class=\"nx-p nx-au-what\">How a shock in Capital Markets Nexus reaches credit, market, underwriting, liquidity and operational risk, and feeds back.<\/p><div class=\"nx-au-fig\"><svg class=\"nx-au-svg\" viewBox=\"0 0 560 268\" role=\"img\" aria-label=\"Transmission channels from shocks through micro and macro channels to financial risks\" focusable=\"false\" data-nx-z=\"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\"><\/svg><\/div><figcaption class=\"nx-caption\"><span>Channel structure after the Basel Committee&#8217;s work on climate-related risk drivers and transmission channels; links shown are typical paths, not estimated exposures.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-chips nx-au-fw\" aria-label=\"Frameworks cited\"><span class=\"nx-chip\">NGFS climate scenarios \u00b7 Network for Greening the Financial System<\/span><span class=\"nx-chip\">IFRS S2 Climate-related Disclosures \u00b7 ISSB<\/span><span class=\"nx-chip\">TCFD recommendations \u00b7 Financial Stability Board TCFD<\/span><span class=\"nx-chip\">Principles for the effective management of climate-related financial risks \u00b7 Basel Committee on Banking Supervision<\/span><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Overview, The problem, What the platform does, Foundations and counterparts\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Overview, The problem, What the platform does, Foundations and counterparts\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-overview\" aria-selected=\"true\" data-key=\"p1\">Overview<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-the-problem\" aria-selected=\"false\" data-key=\"p2\">The problem<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-3\" aria-controls=\"nx-sec-what-the-platform-does\" aria-selected=\"false\" data-key=\"p3\">What the platform does<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-4\" aria-controls=\"nx-sec-foundations-and-counterparts\" aria-selected=\"false\" data-key=\"p4\">Foundations and counterparts<\/button><\/div><section id=\"nx-sec-overview\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-6\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Overview<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What Capital Markets Nexus does.<\/h2><p class=\"nx-lede\">Capital markets risk is the risk of loss or disruption in the markets where securities are issued, traded, cleared and settled, from price and credit moves to liquidity spirals, infrastructure failure and misconduct. Capital Markets Nexus, the Global Risks Alliance&#8217;s platform for the sector, explains how markets price, transfer and concentrate risk; it gives no investment or trading advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"3\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M16 21v-2a4 4 0 0 0-4-4H6a4 4 0 0 0-4 4v2\"\/><circle cx=\"9\" cy=\"7\" r=\"4\"\/><path d=\"M22 21v-2a4 4 0 0 0-3-3.87\"\/><path d=\"M16 3.13a4 4 0 0 1 0 7.75\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Who it serves<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Its community<\/h3><p class=\"nx-p nx-mt-1\">Capital market professionals; analysts; market infrastructure specialists.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M6 18h8\"\/><path d=\"M3 22h18\"\/><path d=\"M14 22a7 7 0 1 0 0-14h-1\"\/><path d=\"M9 14h2\"\/><path d=\"M9 12a2 2 0 0 1-2-2V6h6v4a2 2 0 0 1-2 2Z\"\/><path d=\"M12 6V3a1 1 0 0 0-1-1H9a1 1 0 0 0-1 1v3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">How it works<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Its methods<\/h3><p class=\"nx-p nx-mt-1\">Market structure; volatility; liquidity; risk propagation.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z\"\/><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M10 9H8\"\/><path d=\"M16 13H8\"\/><path d=\"M16 17H8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">What it produces<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Its outputs<\/h3><p class=\"nx-p nx-mt-1\">Market-risk analysis; infrastructure resilience research.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-the-problem\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-7\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The problem<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Markets that work most of the time can fail together.<\/h2><p class=\"nx-lede\">Capital markets turn savings into long-term investment, let firms and governments raise funds, allow risk to be transferred and produce the prices that guide decisions across the economy. Their resilience matters far beyond the firms that operate in them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"3\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect x=\"16\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"2\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"9\" y=\"2\" width=\"6\" height=\"6\" rx=\"1\"\/><path d=\"M5 16v-3a1 1 0 0 1 1-1h12a1 1 0 0 1 1 1v3\"\/><path d=\"M12 12V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Structure<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Intermediaries and venues<\/h3><p class=\"nx-p nx-mt-1\">Who provides liquidity, where trading happens and how market structure changes behaviour under stress.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Infrastructure<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Clearing, settlement and data<\/h3><p class=\"nx-p nx-mt-1\">The plumbing that turns trades into transfers, and the information that prices depend on.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Propagation<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Cross-market contagion<\/h3><p class=\"nx-p nx-mt-1\">Leverage, collateral, common exposures and correlated strategies that carry stress between markets.<\/p><\/div><\/div><p class=\"nx-p\">Under normal conditions, markets look deep and continuous. Under stress, liquidity can vanish: dealers step back, margin calls force sales, funding markets tighten and prices move further than fundamentals justify. Episodes such as the global <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h59\" data-tc=\"NHS-1 soc.economic.financial-shock\" data-tk=\"Society, conflict and economy \u00b7 Economic shocks and governance failure\" data-td=\"A sudden loss of confidence or liquidity in markets or banks that cuts credit, wealth and employment.\" data-ts=\"NRS-H59\" data-tr=\"draft\">financial crisis<\/a>, the market turmoil at the start of the pandemic and sharp moves in government bond markets have shown how quickly stress travels from one market to another through common holdings, leverage, collateral and the infrastructure that connects them.<\/p><p class=\"nx-p nx-mt-2\">The system has become more interconnected and, in places, more concentrated. Central counterparties clear large volumes of derivatives and repo; a small number of index providers, data vendors, custodians and cloud services sit beneath many firms; passive and systematic strategies can cause many investors to move in the same direction. Digital assets, tokenisation and artificial intelligence add new instruments and new correlations. Real-economy shocks, from wars and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\">sanctions<\/a> to climate events and cyber incidents, reach markets through all of these channels.<\/p><p class=\"nx-p nx-mt-2\">The industry problem is shared understanding: how structure, information and infrastructure shape the way risk propagates, so that participants, infrastructures and authorities can each act on a common factual base.<\/p><\/div><\/div><\/section><section id=\"nx-sec-what-the-platform-does\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-8\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">What the platform does<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Research for the industry, not execution.<\/h2><p class=\"nx-lede\">The platform&#8217;s methods are the analysis of market structure, volatility, liquidity and risk propagation. It is designed to publish market-risk analysis and infrastructure resilience research that firms, infrastructures and public authorities can examine and use.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"3\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M16 21v-2a4 4 0 0 0-4-4H6a4 4 0 0 0-4 4v2\"\/><circle cx=\"9\" cy=\"7\" r=\"4\"\/><path d=\"M22 21v-2a4 4 0 0 0-3-3.87\"\/><path d=\"M16 3.13a4 4 0 0 1 0 7.75\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Audience<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Who it serves<\/h3><p class=\"nx-p nx-mt-1\">Capital market professionals, analysts and market infrastructure specialists, with risk managers, researchers and supervisors as readers.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 3v18h18\"\/><path d=\"m19 9-5 5-4-4-3 3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">How it works<\/h3><p class=\"nx-p nx-mt-1\">Market microstructure, econometric analysis of liquidity and volatility, network models of exposure and scenario analysis, each with stated limits.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z\"\/><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M10 9H8\"\/><path d=\"M16 13H8\"\/><path d=\"M16 17H8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Outputs<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">What it is designed to publish<\/h3><p class=\"nx-p nx-mt-1\">Market-risk analysis and infrastructure resilience research, at sector level and in aggregated form.<\/p><\/div><\/div><p class=\"nx-note nx-mt-3\">GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, introduce counterparties or take transaction-based pay, and readiness work is not approval.<\/p><\/div><\/div><\/section><section id=\"nx-sec-foundations-and-counterparts\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-9\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Foundations and counterparts<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Grounded in STEM, connected across the Consortium.<\/h2><p class=\"nx-lede\">The platform applies <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/stem\/financial-economics\/\">financial economics and macro-finance<\/a>, network science and contagion, payment and financial market technology, econometrics and distributed ledgers and digital assets; see the STEM foundation of Capital Markets Nexus. Its governance counterpart is <a class=\"nx-link\" href=\"https:\/\/globalriskforum.com\/capital\/\">Capital Nexus<\/a> at the Global Risks Forum (GRF), which convenes on capital and finance governance. Within GRA it works alongside <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/\">Payments and Market Infrastructure<\/a>, Financial Stability, Asset Management Nexus and Fintech Nexus.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"3\" aria-label=\"Platform\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskforum.com\/capital\/\"><span class=\"nx-dir-name\">Capital Nexus<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Institution<\/span><span class=\"nx-dir-v\">Global Risks Forum (GRF)<\/span><\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Relationship<\/span><span class=\"nx-dir-v\">Counterpart: governance and institutional dialogue on capital and finance.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/payments-market-infrastructure\/\"><span class=\"nx-dir-name\">Payments and Market Infrastructure<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Institution<\/span><span class=\"nx-dir-v\">Global Risks Alliance (GRA)<\/span><\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Relationship<\/span><span class=\"nx-dir-v\">Payment systems and market infrastructure in depth.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/\"><span class=\"nx-dir-name\">Financial Stability<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Institution<\/span><span class=\"nx-dir-v\">Global Risks Alliance (GRA)<\/span><\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Relationship<\/span><span class=\"nx-dir-v\">System-wide financial stability and contagion.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-note nx-mt-3\">Field gateways: <a class=\"nx-link\" href=\"https:\/\/therisk.global\/fields\/markets\/\">Capital markets and investment<\/a> and Financial stability. Network methods are shared with <a class=\"nx-link\" href=\"https:\/\/therisk.global\/systems-modelling\/\">Systems Science and Modelling<\/a> at The Global Centre for Risk and Innovation (GCRI).<\/p><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"finance\" aria-label=\"Coverage, Grounding, Cycle\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Coverage, Grounding, Cycle\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-sec-areas\" aria-selected=\"true\" data-key=\"p1\">Coverage<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-sec-grounding\" aria-selected=\"false\" data-key=\"p2\">Grounding<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-3\" aria-controls=\"nx-sec-cycle\" aria-selected=\"false\" data-key=\"p3\">Cycle<\/button><\/div><section id=\"nx-sec-areas\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-10\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Coverage<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">The areas of capital markets and investment this platform takes on.<\/h2><p class=\"nx-lede\">Capital Markets Nexus studies how capital markets price, transfer and concentrate risk: the equity and bond markets where securities are issued and traded, the funding and derivatives markets that connect them, the central counterparties and settlement <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> that make trades final, and the data and conduct rules that keep prices informative. Its pages set out mechanisms, measures, sources and the institutions that hold each decision. As the financial-sector view of the Global Risks Alliance, they describe shared industry understanding, not investment advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"4\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"8\" cy=\"8\" r=\"6\"\/><path d=\"M18.09 10.37A6 6 0 1 1 10.34 18\"\/><path d=\"M7 6h1v4\"\/><path d=\"m16.71 13.88.7.71-2.82 2.82\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Securities and exposures<\/h3><p class=\"nx-p nx-mt-1\">Equities, government and corporate bonds and the exposure types they carry: duration, credit, equity and currency risk.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M22 12h-2.48a2 2 0 0 0-1.93 1.46l-2.35 8.36a.25.25 0 0 1-.48 0L9.24 2.18a.25.25 0 0 0-.48 0l-2.35 8.36A2 2 0 0 1 4.49 12H2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Market liquidity and funding<\/h3><p class=\"nx-p nx-mt-1\">How the ability to trade and to fund positions erodes under stress, and how dislocation spreads from one market to the next.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M20 13c0 5-3.5 7.5-7.66 8.95a1 1 0 0 1-.67-.01C7.5 20.5 4 18 4 13V6a1 1 0 0 1 1-1c2 0 4.5-1.2 6.24-2.72a1.17 1.17 0 0 1 1.52 0C14.51 3.81 17 5 19 5a1 1 0 0 1 1 1z\"\/><path d=\"m9 12 2 2 4-4\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Clearing and settlement<\/h3><p class=\"nx-p nx-mt-1\">Central counterparties, securities settlement systems and the margin, default and recovery arrangements that make trades final.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M4.268 21a2 2 0 0 0 1.727 1H18a2 2 0 0 0 2-2V7l-5-5H6a2 2 0 0 0-2 2v3\"\/><path d=\"m9 18-1.5-1.5\"\/><circle cx=\"5\" cy=\"14\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Market data and disclosure<\/h3><p class=\"nx-p nx-mt-1\">Reference data, trade reporting, issuer disclosure and the identifiers that make market records comparable and auditable.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect x=\"16\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"2\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"9\" y=\"2\" width=\"6\" height=\"6\" rx=\"1\"\/><path d=\"M5 16v-3a1 1 0 0 1 1-1h12a1 1 0 0 1 1 1v3\"\/><path d=\"M12 12V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Concentration and interconnectedness<\/h3><p class=\"nx-p nx-mt-1\">Dealers, asset managers, custodians and clearing members whose size and links shape how a shock travels.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21.54 15H17a2 2 0 0 0-2 2v4.54\"\/><path d=\"M7 3.34V5a3 3 0 0 0 3 3v0a2 2 0 0 1 2 2v0c0 1.1.9 2 2 2v0a2 2 0 0 0 2-2v0c0-1.1.9-2 2-2h3.17\"\/><path d=\"M11 21.95V18a2 2 0 0 0-2-2v0a2 2 0 0 1-2-2v-1a2 2 0 0 0-2-2H2.05\"\/><circle cx=\"12\" cy=\"12\" r=\"10\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Cross-border and geopolitical risk<\/h3><p class=\"nx-p nx-mt-1\"><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h60\" data-tc=\"NHS-1 sys.supply-chain.trade-restriction\" data-tk=\"Systemic and compound events \u00b7 Supply-chain and flow disruption\" data-td=\"Export bans, sanctions or embargoes that cut access to goods, energy or inputs.\" data-ts=\"NRS-H60\" data-tr=\"draft\">Sanctions<\/a>, capital flows, currency funding and foreign holdings through which geopolitical events reach markets.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect width=\"7\" height=\"7\" x=\"14\" y=\"3\" rx=\"1\"\/><path d=\"M10 21V8a1 1 0 0 0-1-1H4a1 1 0 0 0-1 1v12a1 1 0 0 0 1 1h12a1 1 0 0 0 1-1v-5a1 1 0 0 0-1-1H3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Digital markets<\/h3><p class=\"nx-p nx-mt-1\">Algorithmic and AI-driven trading, tokenised securities, stablecoins and the operational dependencies they add to market structure.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m14.5 12.5-8 8a2.119 2.119 0 1 1-3-3l8-8\"\/><path d=\"m16 16 6-6\"\/><path d=\"m8 8 6-6\"\/><path d=\"m9 7 8 8\"\/><path d=\"m21 11-8-8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Area<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Market conduct<\/h3><p class=\"nx-p nx-mt-1\">Market abuse, transparency obligations, conflicts of interest and the professional boundaries that protect price formation.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-grounding\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-11\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Grounding<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Built on named science, technology, engineering and mathematics.<\/h2><p class=\"nx-lede\">Every claim on Capital Markets Nexus rests on methods with a canonical page in the STEM Commons, so readers can see what a finding depends on and where its limits lie.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-chips\"><span class=\"nx-chip\">Financial economics and macro-finance<\/span><span class=\"nx-chip\">Network science and contagion<\/span><span class=\"nx-chip\">Payment and financial market technology<\/span><span class=\"nx-chip\">Econometrics<\/span><span class=\"nx-chip\">Distributed ledgers and digital assets<\/span><\/div><p class=\"nx-p nx-mt-3\"><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/stem\/\">See the STEM foundation of Capital Markets Nexus<\/a><\/p><\/div><\/div><\/section><section id=\"nx-sec-cycle\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-12\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Cycle<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How work moves in this field.<\/h2><p class=\"nx-lede\">A question becomes evidence, a governed build, an organised community, a controlled test, a reviewed publication and, finally, a decision taken by the competent authority under its own rules.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cycle-lanes\"><ol class=\"nx-pl-list\"><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Question<\/strong> <span class=\"nx-pl-in\"><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/universe\">Universe<\/a><\/span> National, regional or institutional priority. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/programmes\/\">Question in Capital Markets Nexus<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Evidence<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> STEM foundation of the platform. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/stem\/\">Evidence in Capital Markets Nexus<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Build<\/strong> <span class=\"nx-pl-in\">Foundry<\/span> Foundry. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/foundry\/\">Build in Capital Markets Nexus<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Organise<\/strong> <span class=\"nx-pl-in\">Universe<\/span> <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/organization\/architecture\/ii.-definitions\/i.-nexus-ecosystem\" data-tc=\"Nexus Ecosystem\" data-tk=\"Nexus Standards\" data-td=\"The whole of the institutions, pillars, systems and communities\">Nexus ecosystem<\/a>. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/community\/\">Organise in Capital Markets Nexus<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Test<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Universe (independent site). <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/universe\/\">Test in Capital Markets Nexus<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Publish<\/strong> <span class=\"nx-pl-in\"><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a><\/span> Reports. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/reports\/\">Publish in Capital Markets Nexus<\/a><\/li><li data-pillar=\"authority\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Decide<\/strong> <span class=\"nx-pl-in\">Competent authority<\/span> Competent authorities and institutions, through <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-s18\" data-tc=\"NXS-RLS\" data-tk=\"Nexus system\" data-td=\"Participants, agreements and handoffs\" data-ts=\"NRS-S18\">NXS-RLS (participants, agreements and handoffs)<\/a>. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/trust\/\">Decide in Capital Markets Nexus<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><strong>Renew<\/strong> <span class=\"nx-pl-in\">Universe<\/span> Corrections and the next annual agenda. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/programmes\/\">Renew in Capital Markets Nexus<\/a><\/li><\/ol><p class=\"nx-caption\"><span>Each step of the cycle in the pillar it runs in; the decision stays with the competent authority, outside the programme.<\/span><\/p><ul class=\"nx-pl-legend\" aria-label=\"Pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/universe.nexus\/\">Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/\">Risk Academy<\/a><\/li><li data-pillar=\"authority\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span>Competent authority (outside the programme)<\/li><\/ul><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-pillars\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Six pillars<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How this works across the six pillars.<\/h2><p class=\"nx-lede\">Capital Markets Nexus works through six pillars of one annual programme, led by the Nexus Consortium, with GCRI, GRF and GRA each contributing in its role: explore, experiment and prototype in <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/labs\" data-tc=\"Labs\" data-tk=\"Nexus Standards\" data-td=\"The research pillar of the programme, one of six (OR-11, OR-12)\">Labs<\/a>, build, simulate and prepare in Foundry, convene and test in Universe, codify, correct and apply in <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a>, publish in every format in Reports, teach in the open in Risk Academy.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-pl-ring nx-canvas-wrap\" data-pl-hex=\"true\"><figure class=\"nx-nsig nx-phex\" data-nx-phex=\"012345\" data-phex-ctx=\"whole\" data-phex=\"{&quot;S&quot;:[{&quot;id&quot;:&quot;labs&quot;,&quot;c&quot;:&quot;L&quot;,&quot;name&quot;:&quot;Labs&quot;,&quot;full&quot;:&quot;Labs&quot;,&quot;verb&quot;:&quot;Experiments&quot;,&quot;url&quot;:&quot;https:\/\/therisk.global\/nexus-labs\/&quot;,&quot;home&quot;:&quot;https:\/\/therisk.global\/nexus-labs\/&quot;,&quot;does&quot;:[&quot;Turns open questions into designed experiments&quot;,&quot;Prototypes new methods, data pipelines and tools&quot;,&quot;Records failures and limits alongside results&quot;,&quot;Hands reproducible prototypes to the Foundry&quot;]},{&quot;id&quot;:&quot;foundry&quot;,&quot;c&quot;:&quot;F&quot;,&quot;name&quot;:&quot;Foundry&quot;,&quot;full&quot;:&quot;Foundry&quot;,&quot;verb&quot;:&quot;Builds&quot;,&quot;url&quot;:&quot;https:\/\/globalriskalliance.com\/capital-markets-nexus\/foundry\/&quot;,&quot;home&quot;:&quot;https:\/\/therisk.global\/nexus-foundry\/&quot;,&quot;does&quot;:[&quot;Builds the cycle's software, data and environments&quot;,&quot;Simulates scenarios and runs benchmarks&quot;,&quot;Monitors hazards, systems and evidence&quot;,&quot;Develops and tracks the National Portfolio&quot;]},{&quot;id&quot;:&quot;universe&quot;,&quot;c&quot;:&quot;U&quot;,&quot;name&quot;:&quot;Universe&quot;,&quot;full&quot;:&quot;Universe&quot;,&quot;verb&quot;:&quot;Convenes and tests&quot;,&quot;url&quot;:&quot;https:\/\/globalriskalliance.com\/capital-markets-nexus\/universe\/&quot;,&quot;home&quot;:&quot;https:\/\/universe.nexus\/&quot;,&quot;does&quot;:[&quot;Sets the annual mandate and admits missions&quot;,&quot;Runs readiness, the controlled build and Action Week&quot;,&quot;Stands down temporary capacity and seals evidence&quot;,&quot;Reviews the year and renews the mandate&quot;]},{&quot;id&quot;:&quot;standards&quot;,&quot;c&quot;:&quot;S&quot;,&quot;name&quot;:&quot;Standards&quot;,&quot;full&quot;:&quot;Nexus Standards&quot;,&quot;verb&quot;:&quot;Codify and correct&quot;,&quot;url&quot;:&quot;https:\/\/nexustandards.com\/finance\/&quot;,&quot;home&quot;:&quot;https:\/\/nexustandards.com\/&quot;,&quot;does&quot;:[&quot;Identifies every artefact with a UNI&quot;,&quot;Routes work to the standards that apply&quot;,&quot;Validates and monitors conformance evidence&quot;,&quot;Takes cycle findings as change proposals&quot;,&quot;Records national adoption&quot;]},{&quot;id&quot;:&quot;reports&quot;,&quot;c&quot;:&quot;R&quot;,&quot;name&quot;:&quot;Reports&quot;,&quot;full&quot;:&quot;Reports&quot;,&quot;verb&quot;:&quot;Publishes&quot;,&quot;url&quot;:&quot;https:\/\/globalriskalliance.com\/capital-markets-nexus\/reports\/&quot;,&quot;home&quot;:&quot;https:\/\/therisk.global\/nexus-reports\/&quot;,&quot;does&quot;:[&quot;Publishes four editions a year, with Q4 as the annual flagship&quot;,&quot;Maintains country and regional profiles&quot;,&quot;Publishes exponential technology streams&quot;,&quot;Records corrections and method changes&quot;]},{&quot;id&quot;:&quot;academy&quot;,&quot;c&quot;:&quot;A&quot;,&quot;name&quot;:&quot;Academy&quot;,&quot;full&quot;:&quot;Risk Academy&quot;,&quot;verb&quot;:&quot;Teaches&quot;,&quot;url&quot;:&quot;https:\/\/risksacademy.com\/finance-economics\/&quot;,&quot;home&quot;:&quot;https:\/\/risksacademy.com\/&quot;,&quot;does&quot;:[&quot;Publishes a course for every system, standard and programme role&quot;,&quot;Assesses learning on real cycle tasks&quot;,&quot;Issues microcredentials and achievements through accountable issuers&quot;,&quot;Feeds qualified people into the next cycle&quot;]}],&quot;H&quot;:[{&quot;id&quot;:&quot;F01&quot;,&quot;f&quot;:2,&quot;t&quot;:1,&quot;ph&quot;:&quot;READINESS_PREPARATION&quot;,&quot;art&quot;:&quot;Admitted mission becomes a cycle project with a decision case&quot;},{&quot;id&quot;:&quot;F02&quot;,&quot;f&quot;:1,&quot;t&quot;:2,&quot;ph&quot;:&quot;CONTROLLED_BUILD&quot;,&quot;art&quot;:&quot;Core Build Report and go or no-go evidence&quot;},{&quot;id&quot;:&quot;F03&quot;,&quot;f&quot;:1,&quot;t&quot;:4,&quot;ph&quot;:&quot;CLOSEOUT&quot;,&quot;art&quot;:&quot;Sealed observations and indicator series behind a profile&quot;},{&quot;id&quot;:&quot;F04&quot;,&quot;f&quot;:2,&quot;t&quot;:4,&quot;ph&quot;:&quot;AFTER_ACTION_REVIEW&quot;,&quot;art&quot;:&quot;After-action and scenario findings for chapters 10 and 13&quot;},{&quot;id&quot;:&quot;F05&quot;,&quot;f&quot;:1,&quot;t&quot;:4,&quot;ph&quot;:&quot;AFTER_ACTION_REVIEW&quot;,&quot;art&quot;:&quot;National Portfolio movement for chapter 11&quot;},{&quot;id&quot;:&quot;F06&quot;,&quot;f&quot;:4,&quot;t&quot;:3,&quot;ph&quot;:&quot;CORRECTION&quot;,&quot;art&quot;:&quot;Method and correction findings as change proposals&quot;},{&quot;id&quot;:&quot;F07&quot;,&quot;f&quot;:2,&quot;t&quot;:3,&quot;ph&quot;:&quot;DOCKET_REVIEW&quot;,&quot;art&quot;:&quot;Docket items that need a standard or a profile&quot;},{&quot;id&quot;:&quot;F08&quot;,&quot;f&quot;:3,&quot;t&quot;:1,&quot;ph&quot;:&quot;READINESS_PREPARATION&quot;,&quot;art&quot;:&quot;Composed mission profiles and national adoption records&quot;},{&quot;id&quot;:&quot;F09&quot;,&quot;f&quot;:3,&quot;t&quot;:5,&quot;ph&quot;:&quot;RENEWAL&quot;,&quot;art&quot;:&quot;Each adopted standard or profile becomes a course module&quot;},{&quot;id&quot;:&quot;F10&quot;,&quot;f&quot;:2,&quot;t&quot;:5,&quot;ph&quot;:&quot;CLOSEOUT&quot;,&quot;art&quot;:&quot;Assessed cycle tasks become completion evidence&quot;},{&quot;id&quot;:&quot;F11&quot;,&quot;f&quot;:5,&quot;t&quot;:2,&quot;ph&quot;:&quot;RENEWAL&quot;,&quot;art&quot;:&quot;Qualified participants for the next cycle's roles&quot;},{&quot;id&quot;:&quot;F12&quot;,&quot;f&quot;:4,&quot;t&quot;:2,&quot;ph&quot;:&quot;RENEWAL&quot;,&quot;art&quot;:&quot;Q4 synthesis informs the next-year mandate&quot;},{&quot;id&quot;:&quot;F13&quot;,&quot;f&quot;:1,&quot;t&quot;:3,&quot;ph&quot;:&quot;CONTROLLED_BUILD&quot;,&quot;art&quot;:&quot;Validation and monitoring evidence for conformance review&quot;},{&quot;id&quot;:&quot;F14&quot;,&quot;f&quot;:1,&quot;t&quot;:5,&quot;ph&quot;:&quot;PLANNING&quot;,&quot;art&quot;:&quot;Each system's rooms become a learning-by-doing course&quot;},{&quot;id&quot;:&quot;R1&quot;,&quot;f&quot;:3,&quot;t&quot;:4,&quot;ph&quot;:null,&quot;art&quot;:&quot;Applied in editions&quot;},{&quot;id&quot;:&quot;R2&quot;,&quot;f&quot;:4,&quot;t&quot;:5,&quot;ph&quot;:null,&quot;art&quot;:&quot;Taught in the open&quot;},{&quot;id&quot;:&quot;R3&quot;,&quot;f&quot;:5,&quot;t&quot;:0,&quot;ph&quot;:null,&quot;art&quot;:&quot;Questions become experiments&quot;},{&quot;id&quot;:&quot;R4&quot;,&quot;f&quot;:0,&quot;t&quot;:1,&quot;ph&quot;:null,&quot;art&quot;:&quot;Tested prototypes are built&quot;}],&quot;PH&quot;:[[&quot;PLANNING&quot;,&quot;Planning&quot;],[&quot;READINESS_PREPARATION&quot;,&quot;Readiness preparation&quot;],[&quot;CONTROLLED_BUILD&quot;,&quot;Controlled build&quot;],[&quot;CLOSEOUT&quot;,&quot;Closeout&quot;],[&quot;AFTER_ACTION_REVIEW&quot;,&quot;After-action review&quot;],[&quot;CORRECTION&quot;,&quot;Correction&quot;],[&quot;DOCKET_REVIEW&quot;,&quot;Docket review&quot;],[&quot;RENEWAL&quot;,&quot;Renewal&quot;]],&quot;L&quot;:[[1,3],[1,2],[2,5],[2,4],[1,5,2],[1,4,3],[1,4,2],[1,2,3],[2,3,5],[1,5,2,3],[1,4,2,3],[1,3,5,2],[1,2,4,3],[2,4,3,5],[1,5,2,4,3],[1,4,3,5,2],[0,1,2,3,4,5]],&quot;CTX&quot;:[{&quot;id&quot;:&quot;whole&quot;,&quot;n&quot;:&quot;The whole programme&quot;,&quot;s&quot;:[0,1,2,3,4,5],&quot;t&quot;:&quot;Every pillar hands its work to another; together they close the year's feedback loops.&quot;},{&quot;id&quot;:&quot;practice&quot;,&quot;n&quot;:&quot;From prototype to practice&quot;,&quot;s&quot;:[0,1,2,3],&quot;t&quot;:&quot;A Labs prototype is built in the Foundry, tested in a Universe mission and codified as a standard.&quot;},{&quot;id&quot;:&quot;build-test&quot;,&quot;n&quot;:&quot;Build and test&quot;,&quot;s&quot;:[1,2],&quot;t&quot;:&quot;The Foundry builds what a mission needs; Universe returns the go or no-go evidence.&quot;},{&quot;id&quot;:&quot;conformance&quot;,&quot;n&quot;:&quot;Conformance&quot;,&quot;s&quot;:[1,3],&quot;t&quot;:&quot;Validation evidence goes to Standards for review; composed profiles come back for the next build.&quot;},{&quot;id&quot;:&quot;correction&quot;,&quot;n&quot;:&quot;A finding becomes a correction&quot;,&quot;s&quot;:[1,4,3],&quot;t&quot;:&quot;Observations are published, a method finding becomes a change proposal, the corrected profile returns to the build.&quot;},{&quot;id&quot;:&quot;mandate&quot;,&quot;n&quot;:&quot;Setting the next mandate&quot;,&quot;s&quot;:[2,4],&quot;t&quot;:&quot;After-action findings go into the editions; the Q4 synthesis informs next year's mandate.&quot;},{&quot;id&quot;:&quot;people&quot;,&quot;n&quot;:&quot;People for the next cycle&quot;,&quot;s&quot;:[2,5],&quot;t&quot;:&quot;Assessed cycle tasks become completion evidence; qualified participants take roles in the next cycle.&quot;},{&quot;id&quot;:&quot;learning&quot;,&quot;n&quot;:&quot;Learning by doing&quot;,&quot;s&quot;:[1,2,5],&quot;t&quot;:&quot;Each system's rooms become a course; learners join missions, and missions return to the Foundry.&quot;}]}\"><div class=\"nx-nsig-plate\"><div class=\"nx-nsig-strip\" role=\"group\" aria-label=\"Routes through the programme\" hidden><\/div><div class=\"nx-nsig-stage\"><div class=\"nx-nsig-top\"><span>Select pillars \u00b7 hover lines<\/span><span class=\"nx-nsig-pairs\">18 \/ 18 handoffs<\/span><\/div><div class=\"nx-nsig-tilt\"><svg class=\"nx-nsig-svg\" viewBox=\"-370 -290 740 580\" role=\"img\" aria-label=\"The six pillars of the Consortium's programme: 18 of 18 handoffs in play, 17 feedback loops closed.\" focusable=\"false\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-phex-legend\" aria-hidden=\"true\"><span><i class=\"nx-phex-k1\"><\/i>handoff in play<\/span><span><i class=\"nx-phex-k2\"><\/i>recorded handoff<\/span><span><i class=\"nx-phex-k3\"><\/i>no direct handoff<\/span><\/p><div class=\"nx-phex-phase\" hidden><p class=\"nx-phex-phh\"><span class=\"nx-phex-phk\">Programme year<\/span><span class=\"nx-phex-pn\">All phases<\/span><\/p><div class=\"nx-phex-steps\" role=\"group\" aria-label=\"Phases of the programme year\"><\/div><div class=\"nx-nsig-actions\"><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"play\">Play the year<\/button><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"allph\">All phases<\/button><\/div><\/div><\/div><div class=\"nx-nsig-read\"><div><p class=\"nx-nsig-k\">Route<\/p><p class=\"nx-nsig-name\">The whole programme<\/p><p class=\"nx-nsig-line\">Every pillar hands its work to another; together they close the year&#8217;s feedback loops.<\/p><\/div><p class=\"nx-nsig-code\" aria-live=\"polite\"><span>L<\/span> \u00b7 <span>F<\/span> \u00b7 <span>U<\/span> \u00b7 <span>S<\/span> \u00b7 <span>R<\/span> \u00b7 <span>A<\/span><\/p><dl class=\"nx-nsig-stats\"><div><dt>Pillars<\/dt><dd><strong>6<\/strong> <small>of 6<\/small><\/dd><\/div><div><dt>Handoffs<\/dt><dd><strong>18<\/strong> <small>of 18<\/small><\/dd><\/div><div><dt>Loops<\/dt><dd><strong>17<\/strong> <small>closed<\/small><\/dd><\/div><\/dl><div class=\"nx-nsig-detail\"><h3 class=\"nx-nsig-dh\">Handoffs in play<\/h3><ul class=\"nx-nsig-rel nx-phex-rel\"><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F01<\/span><span class=\"nx-nsig-rt\"><b>Universe \u2192 Foundry<\/b> \u00b7 Admitted mission becomes a cycle project with a decision case<\/span><span class=\"nx-phex-ph\">Readiness preparation<\/span><\/li><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F02<\/span><span class=\"nx-nsig-rt\"><b>Foundry \u2192 Universe<\/b> \u00b7 Core Build Report and go or no-go evidence<\/span><span class=\"nx-phex-ph\">Controlled build<\/span><\/li><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F03<\/span><span class=\"nx-nsig-rt\"><b>Foundry \u2192 Reports<\/b> \u00b7 Sealed observations and indicator series behind a profile<\/span><span class=\"nx-phex-ph\">Closeout<\/span><\/li><li class=\"nx-phex-h\"><span class=\"nx-phex-id\">F04<\/span><span class=\"nx-nsig-rt\"><b>Universe \u2192 Reports<\/b> \u00b7 After-action and scenario findings for chapters 10 and 13<\/span><span class=\"nx-phex-ph\">After-action review<\/span><\/li><\/ul><p class=\"nx-nsig-hint\">and 14 more<\/p><\/div><div class=\"nx-nsig-actions\" data-phex-acts=\"true\" hidden><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"all\">Whole ring<\/button><button type=\"button\" class=\"nx-nsig-btn\" data-phex-act=\"clear\">Clear<\/button><button type=\"button\" class=\"nx-nsig-btn nx-nsig-pri\" data-phex-act=\"copy\">Copy route<\/button><\/div><\/div><\/div><figcaption class=\"nx-nsig-note\">F01 to F14 are the recorded handoffs of the programme year, each with the artefact that moves and its phase; R1, R2, R3 and R4 carry work around the ring. A loop counts when every pillar on it is selected. Every pillar is led by the Nexus Consortium.<\/figcaption><\/figure><ol class=\"nx-pl-list\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Labs<\/span><span class=\"nx-pl-role\">Where questions become experiments and prototypes: new methods, data and tools are tried in the open, with their limits on record, before the Foundry builds them, under the Nexus Consortium.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Foundry<\/span><span class=\"nx-pl-role\">Where exposure and scenario evidence is built so supervisors, insurers and investors can read it.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/foundry\/\">Capital Markets Nexus in Foundry<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/therisk.global\/nexus-foundry\/\">Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Universe<\/span><span class=\"nx-pl-role\">Where scenarios are tested in controlled exercises, and finance-readiness dialogues read what they mean for capital and cover.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/universe\/\">Capital Markets Nexus in Universe<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/universe.nexus\/\">universe.nexus<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Nexus Standards<\/span><span class=\"nx-pl-role\">Where disclosure and data rules are codified so risk evidence is comparable for finance and insurance.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/nexustandards.com\/\">nexustandards.com<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Reports<\/span><span class=\"nx-pl-role\">Where sector analysis and the finance and insurance readiness series are published, with exposure and limits stated.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/reports\/\">Capital Markets Nexus in Reports<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/therisk.global\/nexus-reports\/\">Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-pl-name\">Risk Academy<\/span><span class=\"nx-pl-role\">Where finance, insurance and public-finance professionals learn to read risk evidence, on Risk Academy.<\/span><a class=\"nx-link nx-pl-go\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><a class=\"nx-link nx-pl-home\" href=\"https:\/\/risksacademy.com\/\">risksacademy.com<\/a><\/li><\/ol><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-4\" data-hue=\"finance\" aria-label=\"Consortium, Pages, Questions\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Consortium, Pages, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-1\" aria-controls=\"nx-sec-consortium\" aria-selected=\"true\" data-key=\"p1\">Consortium<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-2\" aria-controls=\"nx-s-15-sec\" aria-selected=\"false\" data-key=\"p2\">Pages<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-3\" aria-controls=\"nx-s-16-sec\" aria-selected=\"false\" data-key=\"p3\">Questions<\/button><\/div><section id=\"nx-sec-consortium\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">14<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Consortium<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">The same field, seen three ways.<\/h2><p class=\"nx-lede\">GCRI studies a field as science, GRF governs it and GRA builds shared financial understanding of it. Capital Markets Nexus links to its counterparts so that work on one side is visible on the others.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"3\" aria-label=\"Platform\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskforum.com\/capital\/\"><span class=\"nx-dir-name\">Capital Nexus<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Institution<\/span><span class=\"nx-dir-v\">GRF<\/span><\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">Shared field<\/span><span class=\"nx-dir-v\">Financial stability<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/div><\/section><section id=\"nx-s-15-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-15\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">15<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-15\" class=\"nx-section-title\">Pages in Capital Markets Nexus.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/about\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Industry scope and publisher<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/sector\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Financial discipline overview<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/research\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional research<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/innovation\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Technology and emerging practices<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/readiness\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Resilience and finance readiness<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/programmes\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Research and industry programmes<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/tools\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Analytical and data resources<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/community\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional community<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/learning\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional learning<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/events\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Professional meetings<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/publications\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Reports and sector briefs<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/participate\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Membership and research participation<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/contact\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Contact the industry platform<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/trust\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Antitrust, independence and financial perimeter<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/stem\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">STEM foundation of Capital Markets Nexus<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/cycle\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">How work moves in this field<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/foundry\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Build in Foundry<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/universe\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Test in Universe<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/reports\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Publish in Reports<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/counterparts\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">The same field across the Consortium<\/h3><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/\"><span class=\"nx-eyebrow\">Page<\/span><h3 class=\"nx-h4 nx-mt-2\">Topics<\/h3><\/a><\/div><\/div><\/div><\/section><section id=\"nx-s-16-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-16\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">16<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-16\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>Who publishes Capital Markets Nexus?<\/summary><div class=\"nx-answer\">The Global Risks Alliance (GRA) publishes Capital Markets Nexus and is responsible for what it publishes. 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.<\/div><\/details><details><summary>Is Capital Markets Nexus active?<\/summary><div class=\"nx-answer\">Capital Markets Nexus is an established platform of The Global Risks Alliance. Information and enquiries are open today. 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.<\/div><\/details><details><summary>How can I contribute?<\/summary><div class=\"nx-answer\">Start with <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/participate\/\">the participation paths<\/a> or write to the contact form. An enquiry receives a reference; it does not create membership, a role or an assignment.<\/div><\/details><details><summary>Where are findings published?<\/summary><div class=\"nx-answer\">Reviewed outputs appear on <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/publications\/\">the publications page<\/a>, and contributions to the Reports series are listed on Publish in Reports.<\/div><\/details><details><summary>Which values on this platform are real?<\/summary><div class=\"nx-answer\">Indicator names, units, sources, methods and frameworks are real. Levels in figures and canvases are examples in a design. A programme replaces them with labelled evidence it owns.<\/div><\/details><details><summary>How do I report an error?<\/summary><div class=\"nx-answer\">Use <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/trust\/corrections\/\">corrections and concerns<\/a>, or write to the integrity concern form. A correction is recorded as a new version, never a silent edit.<\/div><\/details><details><summary>Does the platform give investment advice or market views?<\/summary><div class=\"nx-answer\">No. It publishes sector-level research on structure and risk. It makes no recommendation about any security, firm or transaction. See GRA&#8217;s <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/about\/regulatory-boundaries\/\">regulatory boundaries<\/a>.<\/div><\/details><details><summary>Can firms share data with the platform?<\/summary><div class=\"nx-answer\">Only under written terms, and only for use in aggregated, sector-level form. Firm-specific prices, positions and strategies are never exchanged among participants. See <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/membership\/competition-law\/\">competition safeguards<\/a>.<\/div><\/details><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Contribute evidence from this page.<\/h2><p class=\"nx-lede\">Reports is the Consortium&#8217;s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">Global Risks Alliance<\/span><span class=\"nx-chip\">Capital Markets Nexus<\/span><span class=\"nx-chip\">Global Sector Risk and Resilience<\/span><span class=\"nx-chip\">Scenario and Stress-Test<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GRA<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. It arrives tagged with this page, so the editor who owns it receives it.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/contribute\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">Global Risks Alliance<\/span><\/span><span class=\"nx-dest-title\">See every way to contribute<\/span><span class=\"nx-dest-why\">The contribution types, how each is reviewed, what credit you receive, the licence and what is never accepted.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><div class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gra\/capital-markets-nexus#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-scn-h-a05\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">How it works<\/span><h2 id=\"nx-scn-h-a05\" class=\"nx-h3 nx-mt-2\">How Capital Markets Nexus works.<\/h2><p class=\"nx-lede nx-mt-2\">Choose a view and press Play to follow the platform&#8217;s process, its programme year, the standards it applies and how its findings are published. The outline shows how the work is designed to run, not the status of any decision.<\/p><div class=\"nx-mt-3\"><div class=\"nx-pe\" id=\"nx-pe-a05\" data-nx-pe=\"nx-pe-a05\" data-active=\"platforms\"><div class=\"nx-pe-shell\"><p class=\"nx-pe-eb\">Capital Markets Nexus<\/p><h2 class=\"nx-pe-title\">How Capital Markets Nexus works<\/h2><p class=\"nx-pe-others\"><span aria-current=\"true\">Platforms<\/span> \u00b7 <span>Programme year<\/span> \u00b7 <span>Standards<\/span> \u00b7 <span>Reports<\/span><\/p><p class=\"nx-pe-cap\">A platform joins a field to named methods, labelled evidence and the outputs it publishes, without becoming the authority it serves.<\/p><ol class=\"nx-pe-steps\"><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">01 Scope<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">01<\/span><span class=\"nx-pe-st\">Field and families<\/span><span class=\"nx-pe-k\">Start \u00b7 The platform lead<\/span><span class=\"nx-pe-sm\">The home states the field, its families and who it serves.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">02<\/span><span class=\"nx-pe-st\">Topic dossiers<\/span><span class=\"nx-pe-k\">Record \u00b7 Platform authors<\/span><span class=\"nx-pe-sm\">Topics explain the subject with labelled evidence.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">02 Evidence<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">03<\/span><span class=\"nx-pe-st\">Evidence labels<\/span><span class=\"nx-pe-k\">Record \u00b7 GCRI<\/span><span class=\"nx-pe-sm\">Each value is labelled: observed, published statistics, estimated, modelled, scenario or unknown.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">04<\/span><span class=\"nx-pe-st\">Methods<\/span><span class=\"nx-pe-k\">Step \u00b7 Method owners<\/span><span class=\"nx-pe-sm\">Methods come from the STEM Commons, each with one canonical page.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">03 Work<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">05<\/span><span class=\"nx-pe-st\">Scenarios on the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a><\/span><span class=\"nx-pe-k\">Model \u00b7 Foundry pillar<\/span><span class=\"nx-pe-sm\">Scenarios run on the Nexus systems, labelled as scenario.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">06<\/span><span class=\"nx-pe-st\">Standards that apply<\/span><span class=\"nx-pe-k\">Record \u00b7 <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a><\/span><span class=\"nx-pe-sm\">The platform names the standards that apply. A validator report is evidence for review.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">04 Publish<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">07<\/span><span class=\"nx-pe-st\">Editions<\/span><span class=\"nx-pe-k\">Record \u00b7 Reports<\/span><span class=\"nx-pe-sm\">Findings are published through Reports with their limits.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">08<\/span><span class=\"nx-pe-st\">Authority decides<\/span><span class=\"nx-pe-k\">Outcome \u00b7 The competent authority<\/span><span class=\"nx-pe-sm\">Decisions and execution stay with the government, operator or licensed institution.<\/span><\/li><\/ol><\/li><\/ol><p class=\"nx-pe-foot\"><span><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/\" rel=\"noopener\">Capital Markets Nexus home<\/a> \u00b7 Platforms \u00b7 Shared methods<\/span><span>An outline of how the work is designed to run; it does not report the status of any decision or record.<\/span><\/p><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus\" data-nx-takepart=\"GRA\" aria-labelledby=\"nx-tp-alriskalliance-com-capital-markets-nexus-h\"><div class=\"nx-container\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Take part<\/span><\/div><h2 id=\"nx-tp-alriskalliance-com-capital-markets-nexus-h\" class=\"nx-h3 nx-mt-2\">Take part in Capital Markets Nexus.<\/h2><p class=\"nx-lede nx-mt-2\">Start from who you are. Answer an open call. Or form and lead a competence cell on the Capital Markets Nexus platform.<\/p><div class=\"nx-mt-3\" data-nx-tabs=\"true\" data-active=\"routes\"><div class=\"nx-tablist\" role=\"tablist\" aria-label=\"Ways to take part\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-routes\" aria-controls=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-routes\" aria-selected=\"true\" data-key=\"routes\">Routes<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-calls\" aria-controls=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-calls\" aria-selected=\"false\" data-key=\"calls\">Open calls<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-cell\" aria-controls=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-cell\" aria-selected=\"false\" data-key=\"cell\">Cells and CERTs<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-index\" aria-controls=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-index\" aria-selected=\"false\" data-key=\"index\">The Index<\/button><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-routes\" aria-labelledby=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-routes\"><div class=\"nx-cells\" data-cols=\"3\"><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">National institutions<\/h3><p class=\"nx-p nx-mt-1\">Ministries, statistics offices and agencies: a national desk and chapter, and a seat in the working groups. <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/national-chapters\/\">National chapters<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Sectors and professions<\/h3><p class=\"nx-p nx-mt-1\">Operators, regulators, banks, insurers and professional bodies whose work touches Capital Markets Nexus. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/participate\/\">Participate<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Learning<\/h3><p class=\"nx-p nx-mt-1\">Courses and practice, with a record of every course completed. Free to study. <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/open-learning\/\">Open learning<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Standards<\/h3><p class=\"nx-p nx-mt-1\">Draft, review and adopt the methods and data standards with the working groups. <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/working-groups\/\">Working groups<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">Route<\/span><h3 class=\"nx-h4 nx-mt-2\">Communities and research<\/h3><p class=\"nx-p nx-mt-1\">Universities, civil society and individual experts: projects, data and review. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/contact\/\">Write to the team<\/a><\/p><\/div><\/div><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-calls\" aria-labelledby=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-calls\" hidden><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-nx-calls=\"true\"><thead><tr><th scope=\"col\">Open call<\/th><th scope=\"col\">Seeks<\/th><th scope=\"col\">Closes<\/th><\/tr><\/thead><tbody><tr data-closes=\"2026-12-15\"><td>Founding call for experts to the working groups <span class=\"nx-chip\">CALL-FOUNDING-EXPERTS<\/span><\/td><td>expert, editor, chair<\/td><td>2026-12-15<\/td><\/tr><tr data-closes=\"2026-12-01\"><td>Open nomination for the three independent expert seats of the Global Standards Council <span class=\"nx-chip\">CALL-GSC-IND<\/span><\/td><td>council-member<\/td><td>2026-12-01<\/td><\/tr><tr data-closes=\"2026-12-15\"><td>Nominations of interim regional members (applies only if the transitional provision is decided) <span class=\"nx-chip\">CALL-GSC-REG<\/span><\/td><td>council-member<\/td><td>2026-12-15<\/td><\/tr><tr data-closes=\"2027-01-31\"><td>Review of the wave-1 risk core outlines (C1, C2, C3, C4, C8, C10, C11) <span class=\"nx-chip\">CALL-REVIEW-WAVE1<\/span><\/td><td>contributor<\/td><td>2027-01-31<\/td><\/tr><tr data-closes=\"2027-01-31\"><td>Experts for the core standards of risk science: uncertainty and evidence grading, scales, structured expert judgement, tolerability, extremes and compound events, catastrophic and existential risk, ethics and equity, units and measurement (NRS-C17 to NRS-C24) <span class=\"nx-chip\">CALL-CORE-SCIENCE<\/span><\/td><td>expert, editor, chair<\/td><td>2027-01-31<\/td><\/tr><tr data-closes=\"2027-03-31\"><td>Independent reviewers for the families of the hazard atlas, three from at least two regions for each family (NHS2-R19), priority families first <span class=\"nx-chip\">CALL-ATLAS-REVIEW<\/span><\/td><td>expert<\/td><td>2027-03-31<\/td><\/tr><tr data-closes=\"2026-11-30\"><td>Members of the interim Frontier Safety Review Panel and red-team reviewers (biosafety and biosecurity, AI safety and security, critical-infrastructure security); applications treated in confidence <span class=\"nx-chip\">CALL-FRONTIER-SAFETY-REVIEW<\/span><\/td><td>expert<\/td><td>2026-11-30<\/td><\/tr><tr data-closes=\"2027-01-31\"><td>Experts in ontology, metrology, software verification and conformity assessment for the requirement register, the NHS-2 machine representation, the conformance test suites and the conformity assessment scheme <span class=\"nx-chip\">CALL-CONFORMANCE-ONTOLOGY<\/span><\/td><td>expert, editor<\/td><td>2027-01-31<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note\">Calls past their closing date are hidden automatically. Every call, proposal and route: <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/open-areas-and-calls\/\">open areas and calls<\/a>.<\/p><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-cell\" aria-labelledby=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-cell\" hidden><div class=\"nx-panel-split\"><ol class=\"nx-terms\"><li><h3 class=\"nx-terms-t\">Gather the cell<\/h3><p class=\"nx-terms-d\">Bring together three to seven people with complementary skills: data, field practice, policy and communication.<\/p><\/li><li><h3 class=\"nx-terms-t\">Register it<\/h3><p class=\"nx-terms-d\">Write to the team with the cell&#8217;s name, members, area and region. You receive a reference and a contact. <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/contact\/\">Write to the team<\/a><\/p><\/li><li><h3 class=\"nx-terms-t\">Choose a charter<\/h3><p class=\"nx-terms-d\">Pick one focus: research and evidence, data and maps, standards review, or community preparedness.<\/p><\/li><li><h3 class=\"nx-terms-t\">Learn together<\/h3><p class=\"nx-terms-d\">Follow shared study paths at Risk Academy, with practice and a record of every course completed. <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/hazards-resilience\/\">Hazards and resilience<\/a><\/p><\/li><li><h3 class=\"nx-terms-t\">Lead and report<\/h3><p class=\"nx-terms-d\">Hold regular sessions. Publish what the cell learns through Reports. Bring findings to the working groups. <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/communities\/working-groups\/\">Working groups<\/a><\/p><\/li><\/ol><aside class=\"nx-callout nx-panel-aside\" aria-labelledby=\"nx-tp-alriskalliance-com-capital-markets-nexus-cert\"><h3 class=\"nx-h4\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-cert\">Specialise as a Community Emergency Response Team (CERT)<\/h3><p class=\"nx-p\">A CERT prepares its neighbourhood for the hazards it faces. It builds a local hazard profile from this site&#8217;s map. It trains in household and street preparedness. It learns first aid and light search through recognised local providers, and it runs drills.<\/p><p class=\"nx-p\">A CERT works alongside the local emergency services and follows their direction. It never replaces them and is not an emergency service.<\/p><\/aside><\/div><\/div><div class=\"nx-panel\" role=\"tabpanel\" id=\"nx-tp-alriskalliance-com-capital-markets-nexus-panel-index\" aria-labelledby=\"nx-tp-alriskalliance-com-capital-markets-nexus-tab-index\" hidden><p class=\"nx-panel-lead\">What a national team or a local community can do on The Global Risks Index (<a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-s6\" data-tc=\"NXS-GRX\" data-tk=\"Nexus system\" data-td=\"Canonical data, provenance and risk\" data-ts=\"NRS-S6\">NXS-GRX<\/a>) today.<\/p><div class=\"nx-cells\" data-cols=\"4\"><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Your country&#8217;s profile<\/h3><p class=\"nx-p nx-mt-1\">Open risk profiles for 195 countries, with sources and licences on every value. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Correct or reply<\/h3><p class=\"nx-p nx-mt-1\">Correct a value or reply for your country. The change is logged with its effect. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Offer data<\/h3><p class=\"nx-p nx-mt-1\">Offer a dataset. It enters through the licence gate, with your credit. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><div><span class=\"nx-eyebrow\">NXS-GRX<\/span><h3 class=\"nx-h4 nx-mt-2\">Use the open data<\/h3><p class=\"nx-p nx-mt-1\">Layers, profiles and tiles through the open API. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/\">Open the Index<\/a><\/p><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-hue=\"finance\" id=\"nx-grix-alriskalliance-com-capital-markets-nexus\" data-tone=\"alt\" data-nx-grix=\"risk:world\" aria-labelledby=\"nx-grix-alriskalliance-com-capital-markets-nexus-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><span class=\"nx-eyebrow\">The Global Risks Index<\/span><h2 id=\"nx-grix-alriskalliance-com-capital-markets-nexus-h\" class=\"nx-section-title\">Every figure on this page is indexed: hazards, climate, conflict, the world.<\/h2><p class=\"nx-lede\">The Index is the Consortium&#8217;s indexing system for risk data. Every indicator, hazard, series and country profile carries its <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> identifier, its source and its licence, so what this page shows can be traced, corrected and reused.<\/p><\/div><div class=\"nx-grix\"><ol class=\"nx-grix-rail\" aria-label=\"The data pipeline\"><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">01 \u00b7 Sources<\/span><span class=\"nx-grix-t\">205 registered sources<\/span><span class=\"nx-grix-m\">Every value keeps its source and licence; withheld values are counted.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/risksindex.com\/data\/\">Data and licences<\/a><\/li><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">02 \u00b7 Nexus Standards<\/span><span class=\"nx-grix-t\">NIS-1 and NHS-1<\/span><span class=\"nx-grix-m\">451 indicators, 905 hazards; every record carries a <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/uni\/\" data-tc=\"UNI\" data-tk=\"Nexus Standards\" data-td=\"The universal identifier of every Nexus artifact (NS-1)\">UNI<\/a>.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/nexustandards.com\/\">Nexus Standards<\/a><\/li><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">03 \u00b7 The Index<\/span><span class=\"nx-grix-t\">54 series, 195 country profiles<\/span><span class=\"nx-grix-m\">Computed on the standards; no value is published until an edition is released.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/risksindex.com\/\">The Global Risks Index<\/a><\/li><li class=\"nx-grix-node\"><span class=\"nx-grix-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-grix-k\">04 \u00b7 This page<\/span><span class=\"nx-grix-t\">Capital Markets Nexus<\/span><span class=\"nx-grix-m\">Maps, figures and feeds read the Index in the context of hazards, climate, conflict.<\/span><a class=\"nx-link nx-grix-go\" href=\"https:\/\/risksindex.com\/developers\/\">Public API<\/a><\/li><\/ol><div class=\"nx-grix-kpis\"><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Sources<\/span><span class=\"nx-metric\" data-count=\"true\">205<\/span><span class=\"nx-metric-note\">registered, each with its licence<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Indicators<\/span><span class=\"nx-metric\" data-count=\"true\">451<\/span><span class=\"nx-metric-note\">NIS-1, 106 composites, 20 domain indices<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Hazards<\/span><span class=\"nx-metric\" data-count=\"true\">905<\/span><span class=\"nx-metric-note\">NHS-1, crosswalked to UNDRR-ISC HIPs<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Series<\/span><span class=\"nx-metric\" data-count=\"true\">54<\/span><span class=\"nx-metric-note\">global, sector, strategic, technology, thematic<\/span><\/div><div class=\"nx-grix-kpi\"><span class=\"nx-eyebrow\">Country profiles<\/span><span class=\"nx-metric\" data-count=\"true\">195<\/span><span class=\"nx-metric-note\">one site per country<\/span><\/div><\/div><div class=\"nx-grix-grid\"><div class=\"nx-grix-col\"><h3 class=\"nx-grix-h\">Series in this context <span class=\"nx-grix-hm\">hazards, climate, conflict<\/span><\/h3><ol class=\"nx-grix-ledger\"><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">GLB<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/global\/\">Global Systems<\/a><span class=\"nx-grix-row-d\">The state of interdependent <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 global-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"Nexus risk class: a risk whose hazard, consequences or causal chain crosses national borders and acts at continental or planetary scale, so that no single country can assess or manage it alone.\" data-ts=\"NRS-C1\" data-tr=\"draft\">global risk<\/a>: the twenty domain indices aggregated to the world, the five core <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> (water, energy, food, health, biodiversity) and their couplings, the global tail register and the gap\u2026<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000002<\/span><span class=\"nx-grix-dom\">Hazards \u00b7 Climate \u00b7 Conflict<\/span><\/span><\/li><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">TH<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/series\/th-04\/\">Disaster Risk Intelligence (DRI)<\/a><span class=\"nx-grix-row-d\">Signals, observations, event streams, geospatial layers and scenario packs turned into structured risk intelligence for preparedness and planning.<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000111<\/span><span class=\"nx-grix-dom\">Hazards \u00b7 Climate \u00b7 Conflict<\/span><\/span><\/li><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">GS<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/series\/gs-10\/\">Global Cities<\/a><span class=\"nx-grix-row-d\">Urban exposure, heat, flooding, informal settlement, service dependency and the economic weight of cities at risk.<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000068<\/span><span class=\"nx-grix-dom\">Hazards \u00b7 Infrastructure \u00b7 Climate<\/span><\/span><\/li><li class=\"nx-grix-row\"><span class=\"nx-grix-fam\">GS<\/span><span class=\"nx-grix-row-b\"><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/series\/gs-07\/\">Global Climate<\/a><span class=\"nx-grix-row-d\">Chronic and acute physical climate hazard, transition exposure, adaptation gaps and scenario pathways to 2030, 2050 and 2100.<\/span><\/span><span class=\"nx-grix-row-r\"><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000065<\/span><span class=\"nx-grix-dom\">Climate \u00b7 Hazards \u00b7 Finance<\/span><\/span><\/li><\/ol><p class=\"nx-grix-foot\" data-nav=\"inline\"><a class=\"nx-link\" href=\"https:\/\/risksindex.com\/series\/\">All 54 series<\/a> \u00b7 <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/indices\/\">The 20 domain indices<\/a><\/p><\/div><div class=\"nx-grix-col nx-grix-side\"><div class=\"nx-grix-panel\"><h3 class=\"nx-grix-h\">Country profiles <span class=\"nx-grix-hm\">the world<\/span><\/h3><div class=\"nx-grix-chips\"><a class=\"nx-grix-chip\" href=\"https:\/\/risksindex.com\/countries\/\">All 195 country profiles<\/a><\/div><p class=\"nx-grix-foot\">Every country profile carries the source and licence of each value. <a class=\"nx-link\" href=\"https:\/\/risksindex.com\/contribute\/\">Correct a value or reply<\/a><\/p><\/div><div class=\"nx-grix-panel\"><h3 class=\"nx-grix-h\">Hazard domains <span class=\"nx-grix-hm\">NHS-1<\/span><\/h3><ul class=\"nx-grix-list\"><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/hazards\/atmo\/\">Atmosphere and weather<\/a><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000135<\/span><\/li><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/hazards\/geo\/\">Solid Earth<\/a><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000138<\/span><\/li><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/hazards\/sys\/\">Systemic and compound events<\/a><span class=\"nx-grix-uni\" title=\"Nexus Universal Identifier (NS-1)\">NXS-GRX-AR-000148<\/span><\/li><\/ul><\/div><div class=\"nx-grix-panel\"><h3 class=\"nx-grix-h\">Geodata and API <span class=\"nx-grix-hm\">open<\/span><\/h3><p class=\"nx-grix-m\">Open layers on an equal-area hexagon grid, shown as densities per km\u00b2 or as symbols: <span class=\"nx-grix-tag\">People \u00b7 GHSL 2025<\/span><span class=\"nx-grix-tag\">People \u00b7 WorldPop 2025<\/span><span class=\"nx-grix-tag\">Built-up area<\/span><span class=\"nx-grix-tag\">Ports<\/span><span class=\"nx-grix-tag\">Airports<\/span><span class=\"nx-grix-tag\">Roads<\/span><span class=\"nx-grix-tag\">Railways<\/span><span class=\"nx-grix-tag\">Rivers and lake centrelines<\/span><\/p><ul class=\"nx-grix-list\"><li><a class=\"nx-grix-row-t\" href=\"https:\/\/risksindex.com\/observatory\/\">Risk Observatory map<\/a><span class=\"nx-grix-dom\">open<\/span><\/li><\/ul><p class=\"nx-grix-m\"><code class=\"nx-grix-code\">\/api\/v1\/public\/grix<\/code> \u00b7 <code class=\"nx-grix-code\">https:\/\/nexustandards.com\/uni\/{uni}<\/code><br><a class=\"nx-link\" href=\"https:\/\/risksindex.com\/developers\/\">Developers<\/a> \u00b7 Data \u00b7 Made with Natural Earth, Public domain; GHSL and WorldPop, CC BY 4.0<\/p><\/div><\/div><\/div><p class=\"nx-grix-note\">Snapshot of the Index registries pinned 2026-10-23 \u00b7 22c6eed. Research and risk-analytics information: not a rating, an official classification, a warning, a benchmark or advice.<\/p><\/div><\/div><\/section><section class=\"nx-section nx-deeper-band\" aria-labelledby=\"nx-deeper-globalriskalliance-com-capital-markets-nexus-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-globalriskalliance-com-capital-markets-nexus-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-globalriskalliance-com-capital-markets-nexus-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/programme\/the-nexus-cycle\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> The cycle<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/risksacademy.com\/finance-economics\/market-liquidity-treasury\/\" data-ext><span class=\"nx-deeper-k\">Academy:<\/span> Market, liquidity and treasury risk<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\" data-ext><span class=\"nx-deeper-k\">Standards:<\/span> Financial and economic risk standards<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><\/ul><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-17\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Capital Markets Nexus<\/span><h2 id=\"nx-close-17\" class=\"nx-section-title\">Bring an exposure or capital question to the Alliance.<\/h2><p class=\"nx-lede\">Information and enquiries are open today. 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They are not advice, forecasts or warnings; the limits of the information are set out in the Disclaimers and Data Notices.<\/p><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Who publishes Capital Markets Nexus?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Global Risks Alliance (GRA) publishes Capital Markets Nexus and is responsible for what it publishes. GRA is a nonprofit business league for the financial services industry. 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