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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n937pxr6.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\">Econometrics for capital markets<\/h1><p class=\"nx-scene-lede\">Econometrics turns market data into estimates with stated uncertainty: volatility regimes, liquidity premia, spillovers between markets and the price response to news and policy. In capital markets it supplies the measures behind most indicators and the tests that show when a relationship has changed.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/write-to-us\/contact\/\">Make an enquiry <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\/capital-markets-nexus\/stem\/\">Back to STEM foundation of Capital Markets Nexus<\/a><\/div><\/div><\/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\">Register<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">Econometrics for capital markets on the record.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"workbench\"><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Method record<\/strong><\/span><span class=\"nx-eyebrow\">STEM method<\/span><\/div><ol class=\"nx-register-rows\"><li><div><span class=\"nx-register-k\">Method<\/span><span class=\"nx-register-v\">Econometrics<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Steward<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/economic-development\/\">Economic Development<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Applied in<\/span><span class=\"nx-register-v\">Capital Markets Nexus<\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Data<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"#nx-sec-data\">4 inputs<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Checks<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"#nx-sec-checks\">3 validation steps<\/a><\/span><\/div><\/li><li><div><span class=\"nx-register-k\">Canonical page<\/span><span class=\"nx-register-v\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\">STEM Commons<\/a><\/span><\/div><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"finance\" aria-label=\"Application, Monitor, Data\"><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=\"Application, Monitor, Data\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-1\" aria-controls=\"nx-sec-application\" aria-selected=\"true\" data-key=\"p1\">Application<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-2\" aria-controls=\"nx-s-3-sec\" aria-selected=\"false\" data-key=\"p2\">Monitor<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-3\" aria-controls=\"nx-sec-data\" aria-selected=\"false\" data-key=\"p3\">Data<\/button><\/div><section id=\"nx-sec-application\" 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\">Application<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">What econometrics does here.<\/h2><p class=\"nx-lede\">Econometrics applies statistical methods to economic data to estimate relationships, test theories and forecast. It provides empirical evidence on how shocks and policies affect economic outcomes. In capital markets and investment and financial stability, econometric evidence estimates how disasters, pandemics and financial shocks affect output, employment and prices. It informs the economic case for <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 risk-reduction\" data-tk=\"Nexus risk vocabulary\" data-td=\"Preventing new risk, reducing existing risk and managing residual risk, all contributing to resilience.\" data-ts=\"NRS-C1\" data-tr=\"draft\">risk reduction<\/a>. The canonical description is on <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\">the STEM Commons<\/a>.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cols\"><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><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><\/div><h3 class=\"nx-h3 nx-mt-2\">Volatility and regime models<\/h3><p class=\"nx-p nx-mt-1\">GARCH and regime-switching models describe how volatility clusters and when markets move between calm and stressed regimes, with regime probabilities reported rather than certainties.<\/p><\/article><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><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=\"m8 11 2 2 4-4\"\/><circle cx=\"11\" cy=\"11\" r=\"8\"\/><path d=\"m21 21-4.3-4.3\"\/><\/svg><\/span><\/div><h3 class=\"nx-h3 nx-mt-2\">Event studies<\/h3><p class=\"nx-p nx-mt-1\">Abnormal returns around announcements, policy decisions or geopolitical events are estimated against a model of normal returns, with the estimation window and benchmark stated.<\/p><\/article><article><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\" data-size=\"lg\"><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><\/div><h3 class=\"nx-h3 nx-mt-2\">Liquidity measurement<\/h3><p class=\"nx-p nx-mt-1\">Bid-ask spreads, price impact and illiquidity ratios are estimated from trade and quote data, and their agreement across measures is checked before any one is relied on.<\/p><\/article><\/div><\/div><\/div><\/section><section id=\"nx-s-3-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" 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\">Monitor<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Econometric model.<\/h2><p class=\"nx-lede\">The screen a team would use to follow this method: its measures, states and decisions. Names are examples and values are illustrative.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-markets-method-regress\" data-cx=\"markets.method-regress\" data-variant=\"section\" aria-label=\"Econometric model: illustrative console with example names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Econometric model<\/h3><p class=\"nx-fk-sub\">Capital markets \u00b7 Econometrics for capital markets \u00b7 Run R-3425<\/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=\"info\"><i aria-hidden=\"true\"><\/i>Estimates stable<\/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=\"4\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Estimates<\/h4><p class=\"nx-fk-panel-sub\">robust standard errors<\/p><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-markets-method-regress-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-markets-method-regress-t0\" aria-label=\"Estimates\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Term<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Estimate<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Std error<\/button><\/th><th scope=\"col\" data-col=\"c3\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">95 pct interval<\/button><\/th><th scope=\"col\" data-col=\"c4\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c4\">Sig.<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-markets-method-regress:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Bid-ask spread<\/td><td data-num=\"true\" data-sv=\"0.15\">0.15<\/td><td data-num=\"true\" data-sv=\"0.11\">0.11<\/td><td>[\u22120.1, 1.0]<\/td><td><span class=\"nx-fk-pill\" data-state=\"off\"><i aria-hidden=\"true\"><\/i>No<\/span><\/td><\/tr><tr data-fk-key=\"cx-markets-method-regress:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Market depth<\/td><td data-num=\"true\" data-sv=\"-0.38\">\u22120.38<\/td><td data-num=\"true\" data-sv=\"0.07\">0.07<\/td><td>[\u22120.3, 0.8]<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Yes<\/span><\/td><\/tr><tr data-fk-key=\"cx-markets-method-regress:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Initial margin<\/td><td data-num=\"true\" data-sv=\"-0.4\">\u22120.40<\/td><td data-num=\"true\" data-sv=\"0.19\">0.19<\/td><td>[\u22120.2, 0.9]<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Yes<\/span><\/td><\/tr><tr data-fk-key=\"cx-markets-method-regress:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Settlement fails<\/td><td data-num=\"true\" data-sv=\"0.13\">0.13<\/td><td data-num=\"true\" data-sv=\"0.14\">0.14<\/td><td>[\u22120.1, 0.9]<\/td><td><span class=\"nx-fk-pill\" data-state=\"off\"><i aria-hidden=\"true\"><\/i>No<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"2\" data-t=\"kv\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Method card<\/h4><\/div><\/div><dl class=\"nx-fk-dl\"><div><dt>Method<\/dt><dd>Econometrics<\/dd><\/div><div><dt>Sample<\/dt><dd>9960 obs<\/dd><\/div><div><dt>Design<\/dt><dd>panel, fixed effects<\/dd><\/div><div><dt>Label<\/dt><dd><span class=\"nx-fk-pill\" data-state=\"info\"><i aria-hidden=\"true\"><\/i>MODELLED<\/span><\/dd><\/div><\/dl><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Residuals by group<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 210\" width=\"520\" height=\"210\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Residuals by group\" data-fk-chart=\"cx-markets-method-regress-c2\" data-nx-z=\"rZTLrpswEIZfxZp14+AbYAmzaNVlN11164AFVghpwWnJ21c+kKQnBJNTZWdbM\/5nvrlkFSq105uDAj2YHvKssa25vlWdLQENRAGPAA1UgSARoDNRQFJ\/oONhm2fODO7q52yxBzQoYBzQ2dswLAB5m41ui\/rYKTBtCXmUbf3j87IyHVVlui4akcei4sOqJJ5yjddV5WNREl1V3\/k3emeatw+86llBfOfdO905yA9Gt6gzvS1PuvmEbNOcetdpZ3+by7\/b6i4jPdj+yfLd+qA4NjBe9gqKzS6CPOtMcYt4p7ubwc4bjLdCQc\/fMhFkKkCCU0B\/bOlqBSLGHFBtbFU7BQnFdJllIjGdaPI7HAdblo2B\/OtQ1LqtDPpxSf9dkLV1\/0L1BZziSFLMbnGQmPswPLplBGQNAZkhIFR6GV9PguUCBEJSTJYpEJH4Xgpi+NIY3dm2CkLwOuwFHOgaBzrjQKMEx6M0ixa7gctQN1AmvGeQw+djW4YZyBgnL2DA1hiwOYN0IkASH8JDAjHFLLBbCF8fiF8n685BBjQRLyDA1wjwGQEW80sD\/vdOYJKuTsN38\/MYJMAEe8kkiDUGYsaAczpNQsoXN4IUoYXAk2h1EL7pbm9ceCcy8vwo\/AU=\"><\/svg><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Econometric model: the screen&#8217;s structure, terms and states for Capital markets.<\/span><span data-honesty=\"true\">Example names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><\/section><section id=\"nx-sec-data\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-variant=\"split\" 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\">Data<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">What the method consumes.<\/h2><p class=\"nx-lede\">Datasets and records used by econometrics on this platform, with the role each plays and the label its values carry. Sources are listed in <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/research\/sources\/\">the source register<\/a>.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Data<\/th><th scope=\"col\">Role<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Data\">Trade and quote data<\/td><td data-label=\"Role\">Liquidity and volatility estimation<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Index and security returns<\/td><td data-label=\"Role\">Event studies and regime models<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Data\">Announcement and policy calendars<\/td><td data-label=\"Role\">Event dating<\/td><td data-label=\"Label\"><span class=\"nx-chip\">Published statistics<\/span><\/td><\/tr><tr><td data-label=\"Data\">Financial stress indices<\/td><td data-label=\"Role\">Regime identification<\/td><td data-label=\"Label\"><span class=\"nx-chip\">MODELLED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"data\" data-nxf-kind=\"data\" data-nxf-resource=\"nexus:\/\/gra\/A05\/stem\/econometrics\/#data\" data-nxf-title=\"Method record\" data-nxf-height=\"520\" hidden><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A05\/stem\/econometrics\/#evidence\" data-nxf-title=\"Evidence\" data-nxf-height=\"520\" hidden><\/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=\"Exposure, loss and capital, Validation\"><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=\"Exposure, loss and capital, Validation\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-audience\" aria-selected=\"true\" data-key=\"p1\">Exposure, loss and capital<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-checks\" aria-selected=\"false\" data-key=\"p2\">Validation<\/button><\/div><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-2-tab-1\"><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 econometrics for capital markets 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=\"1\"><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 econometrics for capital markets.<\/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><\/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><section id=\"nx-sec-checks\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-6\" 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\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Validation<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">How results are checked.<\/h2><p class=\"nx-lede\">Models are assessed through specification tests, robustness checks and out-of-sample performance. Results are compared across datasets and methods.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Check<\/th><th scope=\"col\">How it is done<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Check\">Structural break tests<\/td><td data-label=\"How it is done\">Stability is tested before a relationship estimated in one period is applied to another<\/td><\/tr><tr><td data-label=\"Check\">Robustness to specification<\/td><td data-label=\"How it is done\">Results are compared across estimation windows, benchmarks and model forms<\/td><\/tr><tr><td data-label=\"Check\">Out-of-sample evaluation<\/td><td data-label=\"How it is done\">Volatility and liquidity models are scored on periods not used in estimation<\/td><\/tr><\/tbody><\/table><\/div><p class=\"nx-note nx-mt-3\">Endogeneity, measurement error and structural change can bias estimates. Relationships may shift under extreme conditions.<\/p><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-7\"><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\">Process<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">How the process runs.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><div class=\"nx-launch\" id=\"explore-nx-pe-prisma\" data-kind=\"explorer\" data-js><div class=\"nx-launch-row\"><div class=\"nx-launch-text\"><p class=\"nx-launch-eb\">Process explorer \u00b7 Process<\/p><h3 class=\"nx-launch-t\" id=\"explore-nx-pe-prisma-t\">Econometrics for capital markets: PRISMA 2020 review reporting<\/h3><p class=\"nx-launch-facts\"><span>10 steps<\/span><span class=\"nx-launch-sep\" aria-hidden=\"true\">\u00b7<\/span><span>4 stages<\/span><\/p><\/div><button type=\"button\" class=\"nx-launch-open\" aria-expanded=\"false\" aria-controls=\"explore-nx-pe-prisma-body\" data-open-label=\"Open explorer\" data-close-label=\"Close explorer\"><svg class=\"nx-launch-i nx-launch-play\" viewBox=\"0 0 14 14\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M2.5 1v12L13 7z\"\/><\/svg><svg class=\"nx-launch-i nx-launch-x\" viewBox=\"0 0 14 14\" aria-hidden=\"true\" focusable=\"false\"><path d=\"m2.5 2.5 9 9m0-9-9 9\"\/><\/svg><span>Open explorer<\/span><\/button><\/div><div class=\"nx-launch-body\" id=\"explore-nx-pe-prisma-body\" role=\"region\" aria-labelledby=\"explore-nx-pe-prisma-t\" tabindex=\"-1\"><div class=\"nx-pe\" id=\"nx-pe-prisma\" data-nx-pe=\"nx-pe-prisma\" data-active=\"prisma\"><div class=\"nx-pe-shell\"><p class=\"nx-pe-eb\">Process<\/p><h2 class=\"nx-pe-title\">Econometrics for capital markets: PRISMA 2020 review reporting<\/h2><p class=\"nx-pe-cap\">PRISMA 2020 is a reporting guideline for systematic reviews; the steps follow its checklist, not a mandated sequence, and no Nexus document adopts it.<\/p><ol class=\"nx-pe-steps\"><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">01 Plan<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">01<\/span><span class=\"nx-pe-st\">Registration and protocol<\/span><span class=\"nx-pe-k\">Record \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks for registration details, access to the protocol and any amendments.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">02<\/span><span class=\"nx-pe-st\">Eligibility criteria<\/span><span class=\"nx-pe-k\">Record \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks for the inclusion and exclusion criteria and how studies were grouped.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">02 Find and select<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">03<\/span><span class=\"nx-pe-st\">Search: sources and strategies<\/span><span class=\"nx-pe-k\">Step \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks for the information sources and the full search strategies. It does not fix which sources are used.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">04<\/span><span class=\"nx-pe-st\">Selection of studies<\/span><span class=\"nx-pe-k\">Step \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks how studies were judged eligible, including how many reviewers screened. It does not fix the number of reviewers.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">05<\/span><span class=\"nx-pe-st\">Flow diagram<\/span><span class=\"nx-pe-k\">Record<\/span><span class=\"nx-pe-sm\">The flow diagram shows the number of records found, the number of studies included and the reasons for exclusion.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">03 Analyse<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">06<\/span><span class=\"nx-pe-st\">Data collection<\/span><span class=\"nx-pe-k\">Step \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks how data were collected from reports and which data items were sought.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">07<\/span><span class=\"nx-pe-st\">Risk of bias<\/span><span class=\"nx-pe-k\">Step \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks for the methods and tools used to assess risk of bias.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">08<\/span><span class=\"nx-pe-st\">Synthesis<\/span><span class=\"nx-pe-k\">Model \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks for the effect measures and the synthesis methods. It does not prescribe meta-analysis.<\/span><\/li><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">09<\/span><span class=\"nx-pe-st\">Certainty of evidence<\/span><span class=\"nx-pe-k\">Step \u00b7 The review team<\/span><span class=\"nx-pe-sm\">The guideline asks for the methods used to assess certainty, and reports the result per outcome. It does not name a grading scale.<\/span><\/li><\/ol><\/li><li class=\"nx-pe-lane\"><h3 class=\"nx-pe-lane-t\">04 Report<\/h3><ol><li class=\"nx-pe-step\"><span class=\"nx-pe-n\" translate=\"no\">10<\/span><span class=\"nx-pe-st\">Review report<\/span><span class=\"nx-pe-k\">Record<\/span><span class=\"nx-pe-sm\">The guideline helps authors report why the review was done, what they did and what they found.<\/span><\/li><\/ol><\/li><\/ol><p class=\"nx-pe-foot\"><span><a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\" rel=\"noopener\">Reports<\/a><\/span><span>Outline of an externally published reporting guideline, not a Nexus process and not a record of operation. PRISMA 2020 mainly covers reviews of intervention effects. No Nexus page names it. Every programme is at service level R0.<\/span><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"finance\" aria-label=\"Connections, Stewardship, Connected, 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=\"Connections, Stewardship, Connected, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-sec-connections\" aria-selected=\"true\" data-key=\"p1\">Connections<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-sec-stewardship\" aria-selected=\"false\" data-key=\"p2\">Stewardship<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-3\" aria-controls=\"nx-s-10-sec\" aria-selected=\"false\" data-key=\"p3\">Connected<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-4\" aria-controls=\"nx-s-11-sec\" aria-selected=\"false\" data-key=\"p4\">Questions<\/button><\/div><section id=\"nx-sec-connections\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-8\" 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\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connections<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Topics that rely on this method.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/equity-and-fixed-income\/\"><span>Equity and fixed income<\/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-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-liquidity\/\"><span>Market liquidity<\/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-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-data-quality\/\"><span>Market data quality<\/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-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-concentration\/\"><span>Market concentration<\/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-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/geopolitical-shocks\/\"><span>Geopolitical shocks<\/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-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/digital-markets\/\"><span>Digital markets<\/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-link\" href=\"https:\/\/globalriskalliance.com\/capital-markets-nexus\/topics\/market-conduct\/\"><span>Market conduct<\/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><\/section><section id=\"nx-sec-stewardship\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-9\" 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\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Stewardship<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who maintains the method.<\/h2><p class=\"nx-lede\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/economic-development\/\">Economic Development<\/a> stewards econometrics for the Consortium and reviews how it is applied across platforms.<\/p><\/div><div class=\"nx-section-body\"><p class=\"nx-p\"><a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\">Canonical page: Econometrics<\/a><\/p><\/div><\/div><\/section><section id=\"nx-s-10-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-10\" 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\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Connected<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Where this page leads across the Consortium.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/therisk.global\/economic-development\/stem\/econometrics\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Steward platform<\/span><span class=\"nx-dest-host\"><abbr title=\"The Global Centre for Risk and Innovation\">GCRI<\/abbr><\/span><\/span><span class=\"nx-dest-title\">Econometrics for development<\/span><span class=\"nx-dest-why\">Economic Development stewards this method.<\/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><\/div><\/section><section id=\"nx-s-11-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-11\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-4\"><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\">Questions<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What are the limits of econometrics in this field?<\/summary><div class=\"nx-answer\">Endogeneity, measurement error and structural change can bias estimates. Relationships may shift under extreme conditions.<\/div><\/details><details><summary>How are results checked?<\/summary><div class=\"nx-answer\">Models are assessed through specification tests, robustness checks and out-of-sample performance. Results are compared across datasets and methods.<\/div><\/details><details><summary>Are the values on this page real?<\/summary><div class=\"nx-answer\">The data names, roles and checks are real descriptions of practice. The canvas shows a design of the method&#8217;s use, not a run; no result is reported here.<\/div><\/details><details><summary>Where else is this method applied?<\/summary><div class=\"nx-answer\">The <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\">canonical method page<\/a> lists every platform that applies it.<\/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. 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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 nx-deeper-band\" aria-labelledby=\"nx-deeper-ance-com-capital-markets-nexus-stem-econometrics-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-ance-com-capital-markets-nexus-stem-econometrics-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-ance-com-capital-markets-nexus-stem-econometrics-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/institutions\/gcri#gcri-canada-and-gcri-us\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> Gcri<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-12\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Capital Markets Nexus<\/span><h2 id=\"nx-close-12\" 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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