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Global Collaboration

Global Collaboration on
Financial System Stability

Started in 2007, our Global Collaboration brings together academics, financial regulators, banks and investors to develop new understandings of scientific, economic and regulatory approaches to improving financial system resilience. The Collaboration facilitates productive interactions among the investment, regulatory and academic communities with the principal aim of reducing the risks of financial crises and promoting long-term productivity in the real economy.

Businesses may apply to join the steering group. The principal benefits are:

  • Deeper, more collaborative relationships between market participants and Regulators.
  • Simpler, more effective and less costly Systemic Regulation with fewer unintended consequences and a better long-term focus
  • Deeper understanding of the practical interactions between regulatory actions and markets

This is an outstanding opportunity for leading players in investment and risk management to collaborate to achieve lasting business benefits, both for the participants and for the global financial system and society as a whole.

Phase 1: 2007-2011


The main output of the first phase drew attention to the “Regulators’ Dilemma”: that minimising individual risk is not the same as minimising systemic risk, and advocating diverse diversification.  It culminated with the publication of 'Individual versus systemic risk and the Regulator's Dilemma' in Proceedings of the National Academy of Sciences of the USA (PNAS).

Phase 2: 2015-2018


The second phase is focusing on how the prices of assets can be distorted when investors either lack confidence in, or are uninterested in, an asset’s real value, and how dramatic price movements in one asset can propagate more widely. This involves a higher level of constructive engagement with the Bank of England/PRA, the FCA, the HKMA and other regulatory bodies in order to look at appropriate responses to changing investment styles. 

Our current focus is on the UK, China (including Hong Kong) and the USA. Chinese engagement is particularly important given that economy’s vital impact on the global financial system and increasing role in the emerging global financial architecture.

The Business Team consists of several large and well-respected financial institutions that provide the project with guidance, practical insights and funding.

The Academic Panel includes a Nobel Prizewinning Economist ( Prof Mike Spence [NYU] ) and other outstanding scientists in the UK, the US and China, including Prof Robert MacKay FRS [Warwick] and Prof Zhao Xijun [Renmin].  

Coordination at Sciteb is provided by Dr Richard Gunton, undertaking day-to-day research and collaborating with colleagues at the University of Warwick and elsewhere. Interesting results are emerging and we are currently preparing a contribution to the planned FCA/SEC conference in May 2018 on “Who pays for efficient markets?”

Relevant publications that have cited our work include: