%0 Report
%9 EIC working paper series
%A Bonollo, Michele
%A Crimaldi, Irene
%A Flori, Andrea
%A Pammolli, Fabio
%A Riccaboni, Massimo
%D 2014
%F eprints:2185
%I IMT Institute for Advanced Studies Lucca
%K Systemic Risk, Counterparty risk, Financial Networks, Basel regulations, European Market Infrastructure Regulation -   JEL Codes: G01, G18, G21
%N 2
%T Systemic importance of financial institutions: regulations, research, open issues, proposals
%U http://eprints.imtlucca.it/2185/
%X In the field of risk management, scholars began to bring together the quantitative methodologies with the banking management issues about 30 years ago, with a special focus on market, credit and operational risks. After the systemic effects of banks defaults during the recent financial crisis,  and despite a huge amount of literature in the last years concerning the systemic risk, no standard methodologies have been set up to now. Even the new Basel 3 regulation has adopted a heuristic indicator-based approach, quite far from an effective quantitative tool. In this paper, we refer to the different pieces of the puzzle: definition of systemic risk, a set of coherent and useful measures, the computability of these measures, the data set structure. In this challenging field, we aim to build a comprehensive picture of the state of the art, to illustrate the open issues, and to outline some paths for a more successful future research. This work appropriately integrates other useful surveys and it is directed to both academic researchers and practitioners.