Video: Financial system more interconnected than in 2008 – DTCC

A reduction in the number of settlement banks has increased interconnectedness risk

Michael Leibrock
Michael Leibrock, DTCC: rules not addressing the root problem

The fall of Lehman Brothers in September 2008 exposed the extent of interconnectedness among financial institutions. Firms with indirect as well as direct linkages to the US bank were carried into the crisis by a contagion effect.

While post-crisis rules have sought to address the risks of being exposed to an entity such as Lehman Brothers through measures such as a global systemically important financial institution surcharge, this aims to reduce the probability of a default without directly

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