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RBA Glossary definition for systemic risks
systemic risks – Events which may jeopardise financial system stability and cause harm to the real economy. For example, the Y2K problem was regarded as such a risk. They may include the risk that the failure of one participant in a payments system, or in financial markets generally, to meet their required obligations when due, will cause other participants or financial institutions to be unable to meet their obligations (including settlement obligations in a transfer system) when due. Such a failure may cause significant liquidity or credit problems.
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Introduction
31 Dec 2013
RDP
2013-12
Indeed, Duffie and Zhu (2011) find that mandated central clearing could increase systemic risk if activity is fragmented across multiple CCPs. ... Pirrong (2012) also warns that systemic risk could increase, noting that such fragmentation will increase
https://www.rba.gov.au/publications/rdp/2013/2013-12/introduction.html
CCP Links and Exposure
31 Dec 2013
RDP
2013-12
Figure 1: Unlinked and Linked CCPs. However, CCP links also generate exposures that could pose financial stability risks. ... Both qualitative and quantitative approaches have been used to examine the effects of recent developments in market structure on
https://www.rba.gov.au/publications/rdp/2013/2013-12/ccp-links-cs-exposures.html