Good morning. It’s a pleasure to be here—and it’s great to see such an impressive mix of market participants, policy-makers and practitioners. I’m looking forward to the fireside chat, so I’ll keep my remarks short to leave time for discussion. Conversations like this matter—especially when uncertainty is high and we’re all trying to manage the risks. As we speak, the actions taken against Iran by Israel and the United States have increased volatility in energy and financial markets and there is considerable uncertainty about the duration and fallout of this conflict. My focus today will be on some longer-term ... (full story)

The rise of non-bank players, like hedge funds and private credit, in the global financial system has brought clear benefits by adding liquidity and flexibility to debt markets. But the shift away from the regulated banking sector has also increased risks to financial stability. Most investment firms do a good job of managing their own risks, but they can’t see dangers building across markets and borders. The Financial Stability Board, a global body, helps connect the dots to identify systemic vulnerabilities through its Standing Committee on Assessment of Vulnerabilities (SCAV). Today’s economic landscape has ... (full story)