Scheda

The ESMA has published the TRV Risk Analysis "Operational and cyber risks in EU financial markets: measurement and stress simulation".

The article delves into the systemic importance of cyber risk. It explores conceptual frameworks to examine how individual incidents can become systemic, by focusing on exposures to cyber threats, the propagation of the shock through the system, and their impact.

The paper also presents findings from a simulation analysis conducted on the EU repo market, examining scenarios in which a hypothetical cyber incident disrupts settlement operations at key market players. Results indicate that operational disruptions at a few critical institutions can trigger temporary yet severe liquidity shortages at both system and counterparty level, with widespread network effects