FSB Assesses Bail-in Bonds
The FSB today issued an assessment of cross-border TLAC at GSIBs, setting no new global policy. Instead, the paper analyzes TLAC in individual jurisdictions and studies the extent to which bail-in bonds – a controversial capital buffer – may prove effective under stress.

BIS: PE, VC May Pose Systemic Risk
With nonbank lending now growing faster than that at banks, we turn to another BIS policy-making paper. Joining those on DeFi and open-end funds, this one concludes that the shift of financial intermediation to “private capital” may pose systemic risk due to portfolio correlations at yield-chasing institutional investors such as pension funds and life insurers.