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\"><style>#nxe-nj56j1mx.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-nj56j1mx.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-hero\" data-layout=\"ledger\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A05 \u00b7 INDEX \u00b7 topics<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Capital Markets Nexus<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Established<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Capital Markets Nexus \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Capital Markets Nexus: the pages in this section are listed below, each with its own scope and status.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/equity-and-fixed-income\/\">Open Equity and fixed income <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/\">Back to Capital Markets Nexus<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\" data-variant=\"ledger\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Capital Markets Nexus<\/strong><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/equity-and-fixed-income\/\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Equity and fixed income<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-liquidity\/\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Market liquidity<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/clearing-and-settlement\/\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Clearing and settlement<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-data-quality\/\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Market data quality<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-concentration\/\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Market concentration<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/geopolitical-shocks\/\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Geopolitical shocks<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/digital-markets\/\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Digital markets<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-conduct\/\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Market conduct<\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 Established \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-about-this-section\"><span>02<\/span>Topics at Capital Markets Nexus<\/a><a href=\"#nx-sec-pg-nx-gra-a05-tp\"><span>03<\/span>Capital Markets Nexus topics, and\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-pg-sources\"><span>05<\/span>Where this page's references lead<\/a><a href=\"#nx-s-7-sec\"><span>06<\/span>Pages in Topics<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-2\"><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\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">The Capital Markets Nexus topics are the eight subject dossiers of its field, among them equity and fixed income, market liquidity, and clearing and settlement. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.<\/p><\/div><\/div><\/section><section id=\"nx-sec-about-this-section\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"stack\" aria-labelledby=\"nx-s-3\"><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\">About this section<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Topics at Capital Markets Nexus.<\/h2><p class=\"nx-lede\">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.<\/p><\/div><\/div><\/section><section id=\"nx-sec-pg-nx-gra-a05-tp\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-4\"><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\">Topic map<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Capital Markets Nexus topics, and the question each answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"2\" aria-label=\"Topic\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/equity-and-fixed-income\/\"><span class=\"nx-dir-name\">Equity and bond market risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Equities and bonds are the two main instruments through which firms and governments raise capital and investors take on risk.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-liquidity\/\"><span class=\"nx-dir-name\">Market liquidity and funding stress<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Market liquidity is the ability to trade a meaningful amount quickly without moving the price much; funding liquidity is the ability to finance a position or meet a margin call.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/clearing-and-settlement\/\"><span class=\"nx-dir-name\">Clearing and settlement: CCP risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Clearing and settlement turn a trade into a final transfer of securities and cash.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-data-quality\/\"><span class=\"nx-dir-name\">Market data quality and identifiers<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Markets run on data: prices, trade reports, reference data, identifiers and issuer disclosures.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-concentration\/\"><span class=\"nx-dir-name\">Market concentration<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Concentration describes how much of a market's activity, holdings or infrastructure depends on a few firms.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/geopolitical-shocks\/\"><span class=\"nx-dir-name\">Geopolitical risk in capital markets<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Geopolitical shocks such as wars, sanctions, trade restrictions and abrupt policy shifts reach capital markets through prices, payment channels and the legal ability to hold or transfer assets.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/digital-markets\/\"><span class=\"nx-dir-name\">Algorithmic trading and tokens<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Capital markets are being reshaped by algorithmic and AI-driven trading, by tokenised securities and fund units, and by stablecoins and other digital assets that link to traditional finance.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-conduct\/\"><span class=\"nx-dir-name\">Market conduct and market abuse<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Fair and orderly markets depend on participants who do not trade on inside information, manipulate prices or mislead investors, and on professionals who keep advice, research, trading and analysis within clear boundaries.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-p\">Topic pages in Capital Markets Nexus share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for market risk and trading risk managers and clearing and settlement specialists.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"stack\" aria-labelledby=\"nx-s-5\"><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\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Credit spread<\/td><td data-label=\"Definition\">The extra yield a bond pays over a comparable government bond to compensate for default and liquidity risk.<\/td><\/tr><tr><td data-label=\"Term\">Liquidity spiral<\/td><td data-label=\"Definition\">A feedback in which falling prices raise margins and force sales that push prices down further.<\/td><\/tr><tr><td data-label=\"Term\">Default waterfall<\/td><td data-label=\"Definition\">The order in which a central counterparty uses resources to cover a member's default, from its margin to the default fund and CCP capital.<\/td><\/tr><tr><td data-label=\"Term\">Legal entity identifier<\/td><td data-label=\"Definition\">A twenty-character code identifying a legal entity in financial transactions, under the GLEIF system.<\/td><\/tr><tr><td data-label=\"Term\">Interconnectedness<\/td><td data-label=\"Definition\">The links among institutions through exposures, holdings and services that let stress pass between them.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-6\"><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\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where this page's references lead.<\/h2><p class=\"nx-lede\">The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD561.pdf\" target=\"_blank\" rel=\"noopener\"><span>IOSCO Objectives and Principles of Securities Regulation<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.bis.org\/cpmi\/info_pfmi.htm\" target=\"_blank\" rel=\"noopener\"><span>CPMI-IOSCO Principles for Financial Market Infrastructures (2012) and cyber resilience guidance (2016)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.bis.org\/basel_framework\/\" target=\"_blank\" rel=\"noopener\"><span>Basel Framework (consolidated standards)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><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\">Pages<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Pages in Topics.<\/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 tokenization 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 class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-8\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-8\" class=\"nx-h3 nx-mt-2\">Around Capital Markets Nexus.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/about\/\">Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/sector\/\">Financial discipline overview <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/research\/\">Professional research <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/innovation\/\">Technology and emerging practices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/readiness\/\">Resilience and finance readiness <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/programmes\/\">Research and industry programmes <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/\">Capital Markets Nexus home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/counterparts\/\">Counterparts across the 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