Connecting the dots: how DTCC manages contagion risks

DTCC CRO Andrew Gray offers a template for managing the risk of interconnectedness

Join the dots

Andrew Gray is a managing director and group chief risk officer at DTCC

As the Lehman Brothers bankruptcy in 2008 demonstrated, the failure of one highly interconnected entity can spread rapidly across the global financial system and have a devastating impact on financial stability.

The level of financial interconnectedness cannot be overstated. Banks and other financial institutions are linked through intermediation chains that span the globe, creating an elaborate web of mutual

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