%N 9 %A Michele Bonollo %A Irene Crimaldi %A Andrea Flori %A Fabio Pammolli %A Massimo Riccaboni %K Keywords: Systemic Risk, Counterparty Risk, Financial Networks, Basel Regulations, European Market Infrastructure Regulation. JEL Codes: G01, G18 G21 %X After the systemic effects of bank defaults during the recent financial crisis, and despite a huge amount of literature over the last years to detect systemic risk, no standard methodologies have been set up until now. We aim to build a concise but comprehensive picture of the state of the art, illustrating the open issues, and outlining pathways for future research. In particular, we propose the analysis of some examples of local systems that attract the attention of the financial sector. This work is directed to both academic researchers and practitioners. %D 2014 %L eprints2282 %I IMT Institute for Advanced Studies Lucca %T Systemic importance of financial institutions: from a global to a local perspective? A network theory approach