CFA Institute Systemic Risk Council Publishes 2023 Annual Report
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WASHINGTON, D.C. — February 22, 2024
The CFA Institute Systemic Risk Council today released its 2023 Annual Report.
Marking its 10-year anniversary, the CFA Institute Systemic Risk Council releases this annual report recapping its activities and highlights of key systemic debates and challenges affecting global markets and regulators in 2023. This past year included several major regulatory initiatives to improve bank resilience. We also experienced several US regional bank failures, once again requiring authorities to invoke emergency measures to stem contagion across the broader financial system. Notably, this was the first time we have witnessed the full speed of runs that can be generated by social media and financial market apps. Meanwhile, banking systems also faced particular challenges in Switzerland and in the UK. This annual report recaps a fascinating year in the realm of economics: despite elevated recession risks, increased geopolitical stress, and a flash banking crisis, the case for a miracle soft landing remains.
Topics covered in this annual report include:
- Completing the Work of Basel III
- FSOC’s NBFI Proposals
- Enhancements to SEC’s Covered Clearing Agency’s Resiliency Plans
- Long Term Debt Standards
- Lessons Learned from 2023 US Bank Failures
|About CFA Institute Systemic Risk Council
CFA Institute Systemic Risk Council (Council) is a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to global systemic risk, with a particular focus on the United States and Europe. It has been formed to provide a strong, independent voice for reforms that are necessary to protect the public from financial instability. The goal is to help ensure a financial system in which we can all have confidence.CFA Institute Systemic Risk Council was formed by CFA Institute and The Pew Charitable Trusts in June 2012 to monitor and encourage regulatory reform of U.S. capital markets focused on systemic risk. CFA Institute became the sole supporting organization in August 2015. The statements, documents and recommendations of the Council does not necessarily represent the views of the supporting organization.