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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>A-P01 \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\">Financial Stability<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Financial Stability \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Financial Stability: 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\/financial-stability\/topics\/systemic-interconnectedness\/\">Open Systemic interconnectedness <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\/financial-stability\/\">Back to Financial Stability<\/a><\/div><dl class=\"nx-facts\"><div><dt class=\"nx-eyebrow\">Publisher<\/dt><dd>The Global Risks Alliance<\/dd><\/div><div><dt class=\"nx-eyebrow\">Field<\/dt><dd>Financial stability, Risk management and systemic risk, Capital markets and investment<\/dd><\/div><div><dt class=\"nx-eyebrow\">Status<\/dt><dd>In development<\/dd><\/div><div><dt class=\"nx-eyebrow\">Service level<\/dt><dd>R0: information and enquiries<\/dd><\/div><\/dl><\/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 Financial Stability<\/a><a href=\"#nx-sec-pg-nx-gra-a-p01-tp\"><span>03<\/span>Financial Stability topics, and the\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\" 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 Financial Stability topics are the eight subject dossiers of its field, among them systemic interconnectedness, nonbank financial intermediation, and liquidity and market stress. 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=\"risk\" data-tone=\"alt\" 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 Financial Stability.<\/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-a-p01-tp\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" 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\">Financial Stability 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\/financial-stability\/topics\/systemic-interconnectedness\/\"><span class=\"nx-dir-name\">Systemic interconnectedness in finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Financial institutions are linked by loans, deposits, derivatives, securities holdings, common service providers and shared investors.<\/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\/financial-stability\/topics\/nonbank-financial-intermediation\/\"><span class=\"nx-dir-name\">Nonbank financial intermediation risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">A growing share of credit and liquidity transformation happens outside banks: in money market funds, open-ended investment funds, hedge funds, private credit vehicles, insurers and pension funds.<\/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\/financial-stability\/topics\/liquidity-and-market-stress\/\"><span class=\"nx-dir-name\">Liquidity and market stress explained<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Markets need buyers and sellers willing to trade at reasonable prices, and firms need funding they can roll.<\/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\/financial-stability\/topics\/contagion-and-fire-sales\/\"><span class=\"nx-dir-name\">Financial contagion and fire sales<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Contagion is the spread of distress from one institution or market to others beyond what direct losses would explain.<\/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\/financial-stability\/topics\/cross-border-financial-risk\/\"><span class=\"nx-dir-name\">Cross-border financial risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Financial systems are linked across borders by capital flows, global banks, dollar funding, foreign investors in local bond markets and shared market infrastructure.<\/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\/financial-stability\/topics\/crisis-management-and-resolution\/\"><span class=\"nx-dir-name\">Bank resolution and crisis management<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">When a financial institution fails, authorities must protect depositors and critical functions, keep markets working and avoid using public money.<\/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\/financial-stability\/topics\/stress-testing-methods\/\"><span class=\"nx-dir-name\">Stress testing methods in finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Stress tests ask how institutions and the system would fare under severe but plausible scenarios.<\/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\/financial-stability\/topics\/real-economy-feedback\/\"><span class=\"nx-dir-name\">Real-economy feedback from finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Financial stress matters because it reaches people and firms: credit becomes scarce or expensive, investment and hiring fall, and asset values drop.<\/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 Financial Stability share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for macroprudential and stability analysts and systemic risk researchers.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"risk\" data-tone=\"alt\" 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\">Global systemically important bank<\/td><td data-label=\"Definition\">A bank whose distress would disrupt the global financial system, identified annually by the FSB using BCBS indicators.<\/td><\/tr><tr><td data-label=\"Term\">Liquidity mismatch<\/td><td data-label=\"Definition\">A gap between how quickly investors can withdraw and how quickly a fund can sell its assets without loss.<\/td><\/tr><tr><td data-label=\"Term\">Market liquidity<\/td><td data-label=\"Definition\">The ease of trading an asset quickly in size without moving its price.<\/td><\/tr><tr><td data-label=\"Term\">Fire sale<\/td><td data-label=\"Definition\">A forced sale of assets at prices below fundamental value, which imposes losses on other holders.<\/td><\/tr><tr><td data-label=\"Term\">Global financial cycle<\/td><td data-label=\"Definition\">Co-movement in capital flows, credit and asset prices across countries driven by conditions in major financial centres.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"finance\" 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.fsb.org\/2025\/07\/fsb-publishes-recommendations-to-address-financial-stability-risks-created-by-leverage-in-nonbank-financial-intermediation\/\"><span>FSB Leverage in Nonbank Financial Intermediation: final report (July 2025)<\/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:\/\/data.bis.org\/\"><span>BIS statistics: locational and consolidated banking, debt securities, derivatives<\/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.ngfs.net\/ngfs-scenarios-portal\/\"><span>NGFS climate scenarios: long-term Phase V (November 2024; Phase VI announced for 2026) and short-term scenarios (May 2025)<\/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=\"risk\" 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\/financial-stability\/topics\/systemic-interconnectedness\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Systemic interconnectedness<\/h3><p class=\"nx-p nx-mt-1\">Banks, insurers and nonbanks linked through exposures.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/nonbank-financial-intermediation\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Nonbank financial intermediation<\/h3><p class=\"nx-p nx-mt-1\">Funds, credit and liquidity connections.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/liquidity-and-market-stress\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Liquidity and market stress<\/h3><p class=\"nx-p nx-mt-1\">Funding shortages and correlated behavior.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/contagion-and-fire-sales\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Contagion and fire sales<\/h3><p class=\"nx-p nx-mt-1\">Amplification pathways across markets.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/cross-border-financial-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Cross border financial risk<\/h3><p class=\"nx-p nx-mt-1\">Global funding and currency spillovers.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/crisis-management-and-resolution\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Crisis management and resolution<\/h3><p class=\"nx-p nx-mt-1\">Recovery, resolution and public authority boundaries.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/stress-testing-methods\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Stress testing methods<\/h3><p class=\"nx-p nx-mt-1\">Scenario, sensitivity and model limits.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/real-economy-feedback\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Real economy feedback<\/h3><p class=\"nx-p nx-mt-1\">Risk transmission to jobs, services and public finance.<\/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 Financial Stability.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/financial-stability\/about\/\">Industry scope and publisher <svg 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