Le rôle des produits dérivés face au risque systémique

Each new crisis comes with financial innovations being pointed as scapegoats. But innovations are in general new tools materialising around existing strategies to make them more available and measurable. Their pace of evolution paired with that of the complexity of the interconnectedness between institutions and the rhythm of technology facilitating a number of transactions never dreamed of. But complexity brings opacity and it is crucial today to bring synthetic and comprehensive measures of the global exposure of an institution and the contagion risk present in the system. This requires a much clearer definition of expectations and responsibilities, and governance based on flow dynamics whatever the instruments and strategies are. Otherwise, important questions such as the exposure to liquidity risk will remain too large and obscure.