CFA Institute Systemic Risk Council Publishes 2023 Annual Report

For further information contact Kurt Schacht at

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