The strategic goal of this paper is to promote systemic-risk awareness and mitigation across the global
financial industry. We hope this paper informs and elevates the discussion on the rapidly evolving spectrum
of systemic risks facing financial markets. Where relevant, we offer actions and recommendations, as well as
a strategic perspective for the industry, regulators and policymakers and other key stakeholders globally.
This paper is derived from DTCC subject matter expertise; member feedback; engagement with regulators;
global risk experts; and other primary and secondary sources. We extend a special thanks to all DTCC
employees who helped inform this paper. We also recognize our partners, Members, stakeholders and all the
risk professionals and academics around the world for the vital work they are doing to advance the field of
The paper intentionally focuses on the U.S. and Europe, given the depth and breadth of regulatory progress
and movement in these two geographies since the 2008 financial crisis and to reflect the geographic scope of
DTCC’s core business activities today. We intend to assess and explore systemic risk developments in other
regions in the future.
We recognize that the rapidly evolving regulatory response and the dynamic nature of these systemic
threats require us to regularly update this paper. To that end, we welcome and appreciate feedback from readers
to help inform future iterations of this white paper.
This white paper should not be regarded as a definitive or exhaustive description of either the risks
that DTCC is currently managing or its risk management framework and activities. Nothing in this white
paper shall be deemed to impose any obligations on DTCC that are not set forth in the existing Rules for
each DTCC subsidiary. In the case of any discrepancy between this white paper and the Rules, the Rules
Download the White Paper: Beyond the Horizon A White Paper to the Industry on Systemic Risk