Revealing and Containing Systemic Risk

A special feature of financial markets compared to goods markets is the strong intertwining of claims within the banking sector. This is why the architecture of financial markets has not only become considerably more complex during the last 15 years, but also more susceptible to extreme events. In this complex and heavily intertwined world, systemic risks are becoming a lasting threat to financial markets, to economic prosperity and, in the end, also to political stability. Against this background, SAFE aims to advance existing knowledge on systemic risk and to develop specific regulatory recommendations for banking and financial markets.

Keywords: CDS, contagion, financial stability, interbank markets, interbank networks, spillover effects

Systemic Risk Lab


Research Papers on Systemic Risk

Title Author/s Research Area Source Published Keywords

Natural Disaster and Bank Stability: Evidence from the U.S. Financial System

Felix Noth, Ulrich Schüwer Financial Institutions, Systemic Risk Lab SAFE Working Paper No. 167 2017 natural disasters, bank stability, non-performing assets, bank performance

The Impact of Network Connectivity on Factor Exposures, Asset Pricing and Portfolio Diversification

Monica Billio, Massimiliano Caporin, Roberto Panzica, Loriana Pelizzon Financial Markets, Systemic Risk Lab SAFE Working Paper No. 166 2017 CAPM, volatility, network, interconnections, systematic risk

How Has Sovereign Bond Market Liquidity Changed? - An Illiquidity Spillover Analysis

Fabrizio Lillo, Loriana Pelizzon, Michael Schneider Financial Markets, Systemic Risk Lab SAFE Working Paper No. 151 2016 Liquidity, jump detection, Hawkes processes, government bonds, MTS bond market, Quantitative Easing.

Systemic Co-Jumps

Massimiliano Caporin, Aleksey Kolokolov, Roberto Renò Financial Markets, Systemic Risk Lab SAFE Working Paper No. 149 2016 Jumps, Return predictability, Systemic events, Variance Risk Premium

Spoilt for Choice: Order Routing Decisions in Fragmented Equity Markets

Peter Gomber, Satchit Sagade, Erik Theissen, Moritz Christian Weber, Christian Westheide Financial Markets, Systemic Risk Lab SAFE Working Paper No. 143 2016 Dark Trading, Fragmentation, Anonymity, Immediacy

Banking Beyond Banks and Money. A Guide to Banking Services in the Twenty-First Century

Tomaso Aste, Loriana Pelizzon, Nicolas Perony, Paolo Tasca Financial Institutions, Systemic Risk Lab Springer, 2016 2016

Von mikro- zu makroprudenzieller Regulierung

Mohamed Aldegwy, Matthias Thiemann Macro Finance Springer, 2016 2016 Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis

Freedom of Contract and Financial Stability

Brigitte Haar Systemic Risk Lab, Corporate Finance European Business Organization Law Review, 2016 2016

Insurance Activities and Systemic Risk

Elia Berdin, Matteo Sottocornola Systemic Risk Lab, Financial Institutions SAFE Working Paper No. 121 2015 Systemic Risk, Insurance Activities, Systemically Important Financial Institutions

Interbank Funding as Insurance Mechanism for (Persistent) Liquidity Shocks

Marcel Bluhm Financial Institutions SAFE Working Paper No. 117 2015 Financial fragility, interbank market, liquidity, maturity, network model

Bank Networks: Contagion, Systemic Risk and Prudential Policy

Iñaki Aldasoro, Domenico Delli Gatti, Ester Faia Macro Finance SAFE Working Paper No. 87 2015 banking networks, centrality metrics, systemic risk

How Special Are They? Targeting Systemic Risk by Regulating Shadow Banks

Tobias Tröger Financial Institutions Cambridge University Press, 2016 2016 shadow banking, regulatory arbitrage, prudential supervision

Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change

Christoph Hambel, Holger Kraft, Eduardo S. Schwartz Systemic Risk Lab, Macro Finance SAFE Working Paper No. 92 2015 Climate change economics, Carbon abatement, GDP growth

On the Impact of Leveraged Buyouts on Bank Systemic Risk

Marcel Grupp Corporate Finance SAFE Working Paper No. 101 2015 Leveraged buyouts, syndicated loans, systemic risk

Multiplex interbank networks and systemic importance: An application to European data

Iñaki Aldasoro, Iván Alves Macro Finance SAFE Working Paper No. 102 2015 interbank networks, systemic importance, multiplex networks

Measuring Sovereign Contagion in Europe

Massimiliano Caporin, Loriana Pelizzon, Francesco Ravazzolo, Roberto Rigobon Systemic Risk Lab, Financial Markets SAFE Working Paper No. 103 2015 Sovereign Risk, Contagion, Disintegration

Assessing Systemic Fragility – a Probabilistic Perspective

Deyan Radev Financial Institutions SAFE Working Paper No. 70 2014 Banking Stability, Financial Distress, Tail Risk, Contagion

Endogenous Banks’ Networks, Cascades and Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen Systemic Risk Lab, Macro Finance SAFE Working Paper No. 12 2013 network formation, tâtonnement, contagion

Interbank network and bank bailouts: Insurance mechanism for non-insured creditors?

Tim Eisert, Christian Eufinger Systemic Risk Lab, Corporate Finance SAFE Working Paper No. 10 2013 bailout, cycle flows, cyclical liabilities, interbank network, leverage

Bank and Sovereign Debt Risk Connection

Ester Faia, Diego Rodriguez Palenzuel, Matthieu Darracq Paries Systemic Risk Lab, Macro Finance SAFE Working Paper No. 7 2013 liquidity risk, sovereign risk, capital regulations

Systemic Risk in the Financial Sector: What Can We Learn from Option Markets?

Holger Kraft, Alexander Schmidt Systemic Risk Lab, Financial Institutions SAFE Working Paper No. 25 2013 Systemic risk, Value-at-risk, Equity options, Implied volatility

Asset Pricing Under Uncertainty About Shock Propagation

Nicole Branger, Patrick Grüning, Holger Kraft, Christoph Meinerding, Christian Schlag Financial Markets SAFE Working Paper No. 34 2013 General Equilibrium, Contagion Risk, Partial Information, Filtering, Recursive Utility

Systemic Risk and Sovereign Debt in the Euro Area

Deyan Radev Systemic Risk Lab, Financial Institutions SAFE Working Paper No. 37 2013 Sovereign debt, Sovereign default, Financial distress, Systemic risk, Contagion, Banking stability, Tail risk

Monetary Policy Implementation in an Interbank Network: Effects on Systemic Risk

Marcel Bluhm, Ester Faia, Jan Pieter Krahnen Systemic Risk Lab, Macro Finance SAFE Working Paper No. 46 2014 Network formation, contagion, central banks' interventions

European Financial Regulation – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration

Brigitte Haar Financial Institutions, Systemic Risk Lab Oxford University Press, 2015 2015 Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort Under an Incomplete Contract

Patrick Behr, Alejandro H. Drexler, Reint Gropp, Andre Guettler Systemic Risk Lab, Financial Institutions SAFE Working Paper No. 62 2014 Loan officer, incentives, monitoring, screening, loan origination

Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach

Zeno Adams, Roland Füss, Reint Gropp Systemic Risk Lab, Financial Institutions Journal of Financial and Quantitative Analysis, 2014 2014 Risk spillovers, state-dependent sensitivity value-at-risk (SDSVaR), quantile regression, financial institutions, hedge funds

Partial Information about Contagion Risk, Self-Exciting Processes and Portfolio Optimization

Nicole Branger, Holger Kraft, Christoph Meinerding Systemic Risk Lab, Financial Markets, Transparency Lab Journal of Economic Dynamics and Control, 2014 2014 Asset Allocation, Contagion, Nonlinear Filtering, Hidden State, Self-exciting Processes

Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets

Marcel Bluhm, Jan Pieter Krahnen Systemic Risk Lab, Macro Finance Journal of Financial Stability, 2014 2014 systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network

Mutual Excitation in Eurozone Sovereign CDS

Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon Systemic Risk Lab, Financial Markets, Macro Finance Journal of Econometrics, 2014 2014 CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response

Input-Output-Based Measures of Systemic Importance

Iñaki Aldasoro, Ignazio Angeloni Systemic Risk Lab, Macro Finance Quantitative Finance, 2015 2015 banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets

Trust Me! I am a European Central Banker

Dirk Bursian, Sven Fürth Macro Finance, Systemic Risk Lab Journal of Money, Credit and Banking, 2015 2015 Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust

Optimal Asset Allocation for Interconnected Life Insurers in the Low Interest Rate Environment Under Solvency Regulation

Tobias Niedrig Financial Institutions Journal of Insurance Issues, 2015 2015 Basel III, Solvency II, Life Insurance, Interest Rate Guarantees, Asset Allocation, Contagion, Interconnectedness

Trust in Government and Fiscal Adjustments

Dirk Bursian, Alfons Weichenrieder, Jochen Zimmer Macro Finance, Systemic Risk Lab International Tax and Public Finance, 2015 2015 trust, debt sustainability, fiscal reaction function, euro area, EU

The Dynamics of Crises and the Equity Premium

Nicole Branger, Holger Kraft, Christoph Meinerding Systemic Risk Lab, Financial Markets Review of Financial Studies, 2016 2016 General Equilibrium, Asset Pricing, Recursive Preferences, Long-Run Risk, Disaster Models

Too Interconnected to Fail: A Survey of the Interbank Networks Literature

Anne-Caroline Hüser Macro Finance Journal of Network Theory in Finance, 2015 2015 Interbank networks, systemic risk, contagion, banking, macro-prudential policy

Sovereign Credit Risk, Liquidity, and ECB Intervention: Deus Ex Machina?

Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun Uno Systemic Risk Lab, Financial Markets Journal of Financial Economics, 2016 2016 Liquidity, Credit Risk, Euro-zone Government Bonds, Financial Crisis, MTS Bond Market

Policy Papers on Systemic Risk

Year Title Author/s Research Area Keywords Year
September 2016

“Predatory” Margins and the Regulation and Supervision of Central Counterparty Clearing Houses (CCPs)

Jan Pieter Krahnen, Loriana Pelizzon Financial Markets central counterparties, CCP, derivatives, financial market regulation, financial market supervision 2016-09
November 2016

Structural Reforms in Banking: The Role of Trading

Jan Pieter Krahnen, Felix Noth, Ulrich Schüwer Financial Institutions, Financial Markets proprietary trading, banking separation proposals, bank risk 2016-11
September 2015

Euro Area Macro-Financial Stability: A Flow-of-Funds Perspective

Günter Beck, Hans-Helmut Kotz, Natalia Zabelina Financial Institutions, Macro Finance Bank and non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation 2015-09
April 2014

How Important Are Hedge Funds in a Crisis?

Reint Gropp Financial Institutions systemic risk analysis, statistical risk measurement, spillover effects 2014-04
February 2012

Recommendations by the Issing Commission – Memo for the G-20 November 2011 summit in Cannes

Otmar Issing, Jan Pieter Krahnen, Klaus Regling, William White Financial Institutions shadow banking, systemic risk analysis, regulatory arbitrage 2012-02
June 2010

Criteria for a workable approach towards bank levies and bank restructuring

Otmar Issing, Jan Pieter Krahnen Financial Institutions systemic risk, bank resolution 2010-06
February 2010

Rescue Strategy without moral hazard – an attempt to provide a master plan for avoiding banking crises

Jan Pieter Krahnen, Helmut Siekmann Financial Institutions systemic risk, banking hospital 2010-02
May 2012

Systemic Risks and Central Banks

Hermann Remsperger Macro Finance macroprudential regulation, monetary policy, Financial Stability Act 2012-05
April 2012

"The Economic Rationale for Financial Regulation” Reconsidered

Richard Herring, Reinhard H. Schmidt Financial Institutions regulation, supervision, systemic risk 2012-04
November 2009

Defining and Measuring Systemic Risk

Stefan Gerlach Financial Institutions systemic risk, statistical risk measurement 2009-11

Research Projects on Systemic Risk

Category Project Researcher Project Duration Keywords Project ID Publication Count
Systemic Risk Lab

Contingent Convertible and Subordinated Bonds Issuance

Martin Götz, Xu Liu, Loriana Pelizzon 2017 Financial stability; Corporate finance; Contingent capital; Subordinated debt, Basel III, Bail-in 21003 0
Systemic Risk Lab

Dealer and MM network in the CDS and cash sovereign bond market

Roberto Panzica, Loriana Pelizzon, Tuomas Peltonen 2017 Bond Market, Market Maker, Liquidity Provision, Network Resilience, over-the-counter financial market, liquidity, market quality, network analysis 21003 0
Systemic Risk Lab

Commonality and liquidity spillover in European sovereign bonds: An analysis of cash, futures, repo and CDS contracts

Mario Bellia, Loriana Pelizzon, Tuomas Peltonen, Marti Subrahmanyam 2017 Price discovery, liquidity, commonality, European sovereign bond market, CDS market, Future market 21003 0
Systemic Risk Lab, Financial Institutions

The Impact of Quantitative Easing on Stock and CDS Prices of European Insurance Companies

Mario Bellia, Nicola Mano, Loriana Pelizzon, Matteo Sottocornola 2017 22582 0
Systemic Risk Lab

European early warning system for systemic risk – EARLINESS.eu

Michele Costola, Loriana Pelizzon 2016 Early warning system, systemic risk measures, financial stability, macro-financial linkages, network, sparsity, dynamic quantiles 22581 1
Financial Institutions

Effect of Capital Regulation on Bank Investment Strategies and Systemic Risk

Rainer Haselmann, Deyan Radev 2016 Capital regulation, Market Risk, Systemic Risk, Bank Investment Strategies, Basel II.5 21121 0
Systemic Risk Lab

The Demand for Central Clearing – To Clear or Not to Clear?

Mario Bellia, Giulio Girardi, Loriana Pelizzon 2016 Central Clearing, Credit Default Swap 22520 0
Systemic Risk Lab

Impacts of the Quantitative Easing on the European Insurance Industry

Kerstin Bernoth, Monica Billio, Petr Jakubik, Nicola Mano, Loriana Pelizzon, Matteo Sottocornola 2016 Quantitative Easing, Insurance Company, SIFI 22521 0
Financial Markets, Macro Finance

Quantitative Easing and Financial (In)Stability

Marcel Bluhm, Co-Pierre Georg, Jan Pieter Krahnen, Jun Li, Xu Liu, Loriana Pelizzon, Christian Schlag, Marti Subrahmanyam, Matthias Thiemann, Jun Uno 2016 21480 1
Financial Markets, Systemic Risk Lab

Network representations of interconnections and contagion

Loriana Pelizzon, Tatiana von Landesberger 2016 21610 1
Financial Markets, Systemic Risk Lab

Network Connectivity, Systemic and Systematic Risk

Monica Billio, Massimiliano Caporin, Roberto Panzica, Loriana Pelizzon 2016 21610 1
Financial Institutions, Systemic Risk Lab

Network banks exposures and variance spillovers in the euro area

Monica Billio, Massimiliano Caporin, Lorenzo Frattarolo, Loriana Pelizzon 2016 21610 1
Financial Markets, Systemic Risk Lab

An examination of the strategic behavior of high-frequency traders (HFTs)

Loriana Pelizzon, Ryan Riordan, Satchit Sagade, Marti Subrahmanyam, Jun Uno, Christian Westheide 2016 21620 1
Macro Finance, Financial Institutions, Corporate Finance, Financial Markets

Bailouts and financial stability: Experimental evidence

Paul Gortner, Baptiste Massenot 2016 21650 1
Macro Finance, Financial Institutions, Corporate Finance, Financial Markets

Capital requirements and financial stability: Experimental evidence

Paul Gortner, Baptiste Massenot 2016 21650 1
Financial Markets, Systemic Risk Lab

Network Connectivity and General Equilibrium Asset Prices

Nicole Branger, Patrick Konermann, Christoph Meinerding, Christian Schlag 2016 Asset pricing, general equilibrium, recursive preferences, dynamic networks, mutually exciting processes, directed shocks 21610 1
Financial Institutions, Systemic Risk Lab

A Genealogy of Systemic Risk Network Measures adopted by Regulators

Loriana Pelizzon, Sviataslau Sivagrakau, Matthias Thiemann 2016 21610 1
Financial Institutions, Systemic Risk Lab

Consequences of Changes in the Banking Structure due to Complex Financial Regulation for Financial Stability and Systemic Risk

Brigitte Haar, Rainer Haselmann, Katharina Pistor, Vikrant Vig, Christine Zulehner 2016 bank regulation, competition law, too big to fail, financial stability 21600 1
Financial Institutions

Challenges for competition law arising from financial stability

Brigitte Haar, Casimiro Antonio Nigro, Katharina Pistor 2016 bank regulation, too big to fail, financial stability, bank regulation, model based regulation, bank competition 21600 1
Financial Institutions

Shadow banking with an implicit government put

Matthias Thiemann 2015 21181 1
Financial Markets

Management of Market Risks: Regulation and Coordination of Volatility Interruptions in Europe

Benjamin Clapham, Peter Gomber, Jascha-Alexander Koch, Sven Panz 2015 Circuit Breaker, Volatility Interruption, Volatility, Liquidity, Market Design, Coordination, Market Fragmentation, Volume Migration 21490 1
Data Center

Systemic Risk Dashboard

Loriana Pelizzon 2015 12128 0
Financial Markets, Systemic Risk Lab

Strategic behavior of High Frequency Traders during the market pre-opening period

Mario Bellia, Loriana Pelizzon, Marti Subrahmanyam, Jun Uno, Darya Yuferova 2014 High Frequency Traders, Order Submission, Order Cancellation, Pre-Opening, Price Discovery, Liquidity Provision 12150 1
Macro Finance, Systemic Risk Lab

Sovereign, bank and insurance credit spread: connectedness and system networks

Monica Billio, Lorenzo Frattarolo, Mila Getmansky Sherman, Dale F. Gray, Andrew Lo, Robert Merton, Loriana Pelizzon, Michael Schmidt 2014 12124 0
Financial Institutions, Systemic Risk Lab

Interconnectedness of insurance companies

Mila Getmansky Sherman, Giulio Girardi, Stanislava Nikolova, Loriana Pelizzon, Kathleen Weiss Hanley 2014 Regulation, Systemic risk, portfolio exposures, networks, Insurance companies 12127 0
Financial Markets, Systemic Risk Lab

Limits to arbitrage in sovereign bonds: price and liquidity discovery in high frequency quote driven markets

Mario Bellia, Loriana Pelizzon, Max Riedel, Marti Subrahmanyam, Davide Tomio, Jun Uno 2014 Sovereign bonds, Liquidity, futures markets, ECB interventions, futures-bond basis, arbitrage 12126 1
Macro Finance, Systemic Risk Lab

Risk Cascades in Banking Networks and the Measurement of Systemic Risk

Iñaki Aldasoro, Ester Faia, Anne-Caroline Hüser 2014 liquidity hoarding, contagion channels, global games 11591 1
Data Center, Systemic Risk Lab

Systemic Financial Risk Platform (SFRP) – A Platform for Presenting and Implementing Research on Systemic Risk

Martin Götz, Christian Hirsch, Dominik Hirschbühl 2014 Systemic risk, risk measurement, risk modelling, contagion 22522 1
Financial Institutions

The sovereign-bank loop: contagion between sovereign and bank credit markets

Holger Kraft 2014 Contagion, Sovereign Debt Crisis, CDS, Panel VAR, Sign Restrictions 11137 0
Financial Markets

Network Connectivity, Self-Exciting Jumps and General Equilibrium Asset Prices

Patrick Konermann, Christoph Meinerding, Christian Schlag 2014 Asset Pricing, General Equilibrium, Recursive Preferences, Dynamic Networks, Mutually Exciting Processes, Jump Processes, Contagion Risk, Network Connectivity 11428 1
Financial Markets, Transparency Lab, Systemic Risk Lab

Asset Prices in General Equilibrium with Recursive Utility and Illiquidity Induced by Transactions Costs

Adrian Buss, Raman Uppal, Grigory Vilkov 2014 11422 1
Corporate Finance, Systemic Risk Lab

GLawFin – Private Contracts and Systemic Risk

Luca Amorello, Biljana Biljanovska, Jacob Bonavita, Brigitte Haar, Pedro Magalhães Batista, Katharina Pistor, Max Weber 2014 Financial Markets, Financial Institutions, Financial Stability, Financial Contracts, Corporate Finance, Corporate Governance, Financial Institutions, Financial Services, Law and Economics, Systemic Risk 12125 1
Corporate Finance

Excessive Risk Taking, Compensation Schemes and Financial Market Stability

Sascha Baghestanian, Paul Gortner, Baptiste Massenot 2014 Compensation Schemes, Bubbles, Risk Seeking, Liquidity, Experimental Asset Markets 11226 1
Financial Institutions, Systemic Risk Lab

The Internal Organization of Banks and the Transmission of Lending Shocks across Borders

Reint Gropp, Deyan Radev, Michael Schröder 2013 banking, contagion, liquidity shocks, solvency shocks, internal bank organization 11121 0
Financial Markets, Transparency Lab, Systemic Risk Lab

Determinants of OTC Trading Volume

Peter Gomber, Ilya Gvozdevskiy, Satchit Sagade, Erik Theissen, Moritz Christian Weber, Christian Westheide 2013 OTC Trading, Dark Pools, MiFID 11424 1
Financial Institutions, Systemic Risk Lab

Basel III and Solvency II - Risks and Side-Effects from their Interplay

Helmut Gründl 2013 11126 1
Financial Markets, Transparency Lab, Systemic Risk Lab

Asset Pricing with Recursive Utility and Heterogenous Investors

Nicole Branger, Christian Schlag, Ivan Shaliastovich 2013 recursive utility, heterogenous investors, differences in beliefs 11421 1
Financial Markets, Transparency Lab, Systemic Risk Lab

General Equilibrium with Contagion Effects

Nicole Branger, Patrick Grüning, Holger Kraft, Christoph Meinerding, Christian Schlag 2013 General Equilibrium, Contagion Risk, Partial Information, Filtering, Recursive Utility, Asset Pricing, Jump Processes 11423 1
Financial Institutions, Systemic Risk Lab

Consequences of Adverse Shocks on Bank Behavior

Claudia Lambert, Felix Noth, Ulrich Schüwer 2013 natural disasters, non-performing assets, bank failures 11123 1
Financial Institutions, Systemic Risk Lab

On the Determinants of Interbank Networks

Marcel Bluhm, Co-Pierre Georg, Jan Pieter Krahnen 2013 Network formation, Financial Fragility, Panel Data Regressions 11127 0
Corporate Finance, Transparency Lab, Systemic Risk Lab

Corporate Governance in Banks

Tim Eisert, Christian Eufinger, Andrej Gill, Christian Hirsch, Marie Lalanne, Uwe Walz 2013 Corporate Governance, Financial Institutions, Management Compensation, Moral Hazard, Ownership Structure, Risk Shifting 11221 1
Corporate Finance, Systemic Risk Lab

Leverage in Private Equity: A Potential Source of Systemic Risk?

Christian Rauch, Uwe Walz 2013 Competition, Peers, LBOs, Product Market, Restructuring 11222 1
Financial Institutions, Systemic Risk Lab

A New Approach to Measuring Systemic Risk: Option-implied Tail Risk Dependencies in the Financial Sector

Holger Kraft, 2012 Systemic risk, Value-at-risk, Equity options, Implied volatility 11122 1
Financial Institutions, Systemic Risk Lab

CDS Markets: Liquidity, Default Risk, and Correlation Risk

Christel Merlin Kuate Kamga, Christian Wilde 2012 CDS, default risk, liquidity premia, financial crisis 11124 0

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