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mw-list-item"><a href="https://de.wikipedia.org/wiki/Stresstest_(Finanzwirtschaft)" title="Stresstest (Finanzwirtschaft) – German" lang="de" hreflang="de" data-title="Stresstest (Finanzwirtschaft)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Prueba_de_resistencia_bancaria" title="Prueba de resistencia bancaria – Spanish" lang="es" hreflang="es" data-title="Prueba de resistencia bancaria" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Test_de_r%C3%A9sistance_(finance)" title="Test de résistance (finance) – French" lang="fr" hreflang="fr" data-title="Test de résistance (finance)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Uji_stres_(keuangan)" title="Uji stres (keuangan) – Indonesian" lang="id" hreflang="id" data-title="Uji stres (keuangan)" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Stresszteszt" title="Stresszteszt – Hungarian" lang="hu" hreflang="hu" data-title="Stresszteszt" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a 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searchaux" style="display:none">Simulation of a financial asset or institution under crisis conditions</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For a detailed listing of bank stress tests by year, region and regulator, see <a href="/wiki/List_of_bank_stress_tests" title="List of bank stress tests">List of bank stress tests</a>. For more broad coverage of financial risks, see <a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a>.</div> <p>In <a href="/wiki/Finance" title="Finance">finance</a>, a <b>stress test</b> is an analysis or simulation designed to determine the ability of a given <a href="/wiki/Financial_instrument" title="Financial instrument">financial instrument</a> or <a href="/wiki/Financial_institution" title="Financial institution">financial institution</a> to deal with an <a href="/wiki/Economic_crisis" class="mw-redirect" title="Economic crisis">economic crisis</a>. Instead of doing financial projection on a "best estimate" basis, a company or its regulators may do stress testing where they look at how robust a financial instrument is in certain crashes, a form of <a href="/wiki/Scenario_analysis" class="mw-redirect" title="Scenario analysis">scenario analysis</a>. They may test the instrument under, for example, the following stresses: </p> <ul><li>What happens if <a href="/wiki/Unemployment_rate" class="mw-redirect" title="Unemployment rate">unemployment rate</a> rises to v% in a specific year?</li> <li>What happens if equity markets crash by more than w% this year?</li> <li>What happens if GDP falls by x% in a given year?</li> <li>What happens if interest rates go up by at least y%?</li> <li>What if half the instruments in the portfolio terminate their contracts in the fifth year?</li> <li>What happens if oil prices rise by z%?</li> <li>What happens if there is a polar vortex event in a particular region?</li></ul> <p>This type of analysis has become increasingly widespread, and has been taken up by various governmental bodies (such as the <a href="/wiki/Prudential_Regulation_Authority_(United_Kingdom)" title="Prudential Regulation Authority (United Kingdom)">PRA</a> in the UK or inter-governmental bodies such as the <a href="/wiki/European_Banking_Authority" title="European Banking Authority">European Banking Authority</a> (EBA) and the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>) as a regulatory requirement on certain financial institutions to ensure adequate capital allocation levels to cover potential losses incurred during extreme, but plausible, events. The EBA's regulatory stress tests have been referred to as "a walk in the park" by <a href="/wiki/Saxo_Bank" title="Saxo Bank">Saxo Bank</a>'s Chief Economist.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This emphasis on adequate, risk adjusted determination of capital has been further enhanced by modifications to banking regulations such as <a href="/wiki/Basel_II" title="Basel II">Basel II</a>. Stress testing models typically allow not only the testing of individual stressors, but also combinations of different events. There is also usually the ability to test the current exposure to a known historical scenario (such as the <a href="/wiki/Russian_debt_default_in_1998" class="mw-redirect" title="Russian debt default in 1998">Russian debt default in 1998</a> or <a href="/wiki/9/11_attacks" class="mw-redirect" title="9/11 attacks">9/11 attacks</a>) to ensure the liquidity of the institution. In 2014, 25 banks failed in <a href="/wiki/2014_European_Union_bank_stress_test" title="2014 European Union bank stress test">a stress test conducted by EBA</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Bank_stress_test">Bank stress test</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stress_test_(financial)&action=edit&section=1" title="Edit section: Bank stress test"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/List_of_bank_stress_tests" title="List of bank stress tests">List of bank stress tests</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_risk_management#Banking" title="Financial risk management">Financial risk management § Banking</a></div> <p>A <b>bank stress test</b> is a simulation based on an examination of the <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a> of that institution.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Large international banks began using internal stress tests in the early 1990s.<sup id="cite_ref-MQ_3-0" class="reference"><a href="#cite_note-MQ-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 19">: 19 </span></sup> In 1996, the <a href="/wiki/Basel_Capital_Accord" class="mw-redirect" title="Basel Capital Accord">Basel Capital Accord</a> was amended to require banks and investment firms to conduct stress tests to determine their ability to respond to market events.<sup id="cite_ref-MQ_3-1" class="reference"><a href="#cite_note-MQ-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 19">: 19 </span></sup> However, up until 2007, stress tests were typically performed only by the banks themselves, for internal self-assessment.<sup id="cite_ref-MQ_3-2" class="reference"><a href="#cite_note-MQ-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 1">: 1 </span></sup> </p><p>Beginning in 2007, governmental regulatory bodies became interested in conducting their own stress tests to insure the effective operation of financial institutions.<sup id="cite_ref-MQ_3-3" class="reference"><a href="#cite_note-MQ-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 1">: 1 </span></sup> Since then, stress tests have been routinely performed by financial regulators in different countries or regions, to ensure that the banks under their authority are engaging in practices likely to avoid negative outcomes. In <a href="/wiki/India" title="India">India</a>, legislation was enacted in 2007 requiring banks to undergo regular stress tests.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In October 2012, U.S. regulators unveiled new rules expanding this practice by requiring the largest American banks to undergo stress tests twice per year, once internally and once conducted by the regulators.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Starting in 2014 midsized firms (i.e., those with $10–50 billion in assets) are also being required to conduct <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd-Frank Act</a> Stress Testing.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In 2012, federal regulators also began recommending portfolio stress testing as a sound risk management practice for community banks or institutions that were too small to fall under Dodd-Frank's requirements. The <a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a> (OCC) in an October 18, 2012, Bulletin recommends stress testing as a means to identify and quantify loan portfolio risk.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The FDIC made similar recommendations for community banks.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Since the initial Dodd-Frank Act Stress Testing began the Federal Reserve has found that post-stress capital has increased. Furthermore, the Federal Reserve has continued to advance their expectations and adopt more complex scenarios in bank stress testing.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Statistician and risk analyst <a href="/wiki/Nassim_Taleb" class="mw-redirect" title="Nassim Taleb">Nassim Taleb</a> has advocated a different approach to stress testing saying that stress tests based on arbitrary numbers can be gamed. A more effective test is to assess the <a href="/wiki/Antifragility" title="Antifragility">fragility</a> of a bank by applying one stress test and scaling it up, which provides an indicator of how sensitive a bank is to changes in economic conditions.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Payment_and_settlement_systems_stress_test">Payment and settlement systems stress test</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stress_test_(financial)&action=edit&section=2" title="Edit section: Payment and settlement systems stress test"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Another form of financial stress testing is the stress testing of <a href="/wiki/Financial_market_infrastructure" title="Financial market infrastructure">financial market infrastructure</a>. As part of Central Banks' market infrastructure oversight functions, stress tests have been applied to payment and securities settlement systems.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Since ultimately, the Banks need to meet their obligations in Central Bank money held in payment systems that are commonly operated or closely supervised by central banks<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> (e.g. CHAPS, <a href="/wiki/Fedwire" title="Fedwire">FedWire</a>, Target2, which are also referred to as large value payment systems), it is of great interest to monitor these systems' participants' (mainly banks) liquidity positions. </p><p>The amount of liquidity held by banks on their accounts can be a lot less (and usually is) than the total value of transferred payments during a day. The total amount of liquidity needed by banks to settle a given set of payments is dependent on the balancedness of the circulation of money from account to account (reciprocity of payments), the timing of payments and the netting procedures used.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> The inability of some participants to send payments can cause severe falls in settlement ratios of payments. The failure of one participant to send payments can have negative contagion effects on other participants' liquidity positions and their potential to send payments. </p><p>By using stress tests it is possible to evaluate the short term effects of events such as bank failures or technical communication breakdowns that lead to the inability of chosen participants to send payments. These effects can be viewed as direct effects on the participant, but also as systemic contagion effects. How hard the other participants will be hit by a chosen failure scenario will be dependent on the available collateral and initial liquidity of participants, and their potential to bring in more liquidity.<sup id="cite_ref-ECB_17-0" class="reference"><a href="#cite_note-ECB-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Stress test conducted on payment systems help to evaluate the short term adequacy and sufficiency of the prevailing liquidity levels and buffers of banks, and the contingency measures of the studied payment systems.<sup id="cite_ref-ECB_17-1" class="reference"><a href="#cite_note-ECB-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>A financial stress test is only as good as the scenarios on which it is based.<sup id="cite_ref-hassani2016_18-0" class="reference"><a href="#cite_note-hassani2016-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Those designing stress tests must literally imagine possible futures that the financial system might face. As an exercise of the imagination, the stress test is limited by the imaginative capacities of those designing the stress test scenarios. Sometimes, the stress test's designers fail to imagine plausible future scenarios, possibly because of professional peer pressure or <a href="/wiki/Groupthink" title="Groupthink">groupthink</a> within a profession or trade or because some things are just too horrible to imagine. For example, there was a failure by the great majority of financial experts to envisage the <a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. The successive financial stress tests conducted by the European Banking Authority and the Committee of European Banking Supervisors in 2009, 2010 and 2011 illustrate this dynamic. The 2009 and 2010 stress tests assumed even in their adverse scenarios a relatively benign macro-economic environment of -0.6% economic growth in the Euro area; by 2011 it was clear that such assumptions were no longer just plausible, they were almost certain to happen; the adverse scenario had to be adjusted to a -4.0% growth scenario. Those reviewing and using the results of stress tests must cast a critical eye on the scenarios used in the stress test. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stress_test_(financial)&action=edit&section=3" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/CAMELS_rating_system#Sensitivity_–_sensitivity_to_market_risk,_especially_interest_rate_risk" title="CAMELS rating system">CAMELS rating system § Sensitivity – sensitivity to market risk, especially interest rate risk</a></li> <li><a href="/wiki/Financial_risk_management#Banking" title="Financial risk management">Financial risk management § Banking</a></li> <li><a href="/wiki/List_of_bank_stress_tests" title="List of bank stress tests">List of bank stress tests</a></li> <li><a href="/wiki/Scenario_analysis" class="mw-redirect" title="Scenario analysis">Scenario analysis</a></li> <li><a href="/wiki/Simulation" title="Simulation">Simulation</a></li> <li><a href="/wiki/List_of_systemically_important_banks" title="List of systemically important banks">List of systemically important banks</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stress_test_(financial)&action=edit&section=4" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFCosgrave2014" class="citation news cs1">Cosgrave, Jenny (Oct 27, 2014). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2014/10/27/central-bankers-back-stress-tests-as-criticism-swirls.html">"Central bankers back stress tests as criticism swirls"</a>. <i>CNBC</i><span class="reference-accessdate">. Retrieved <span class="nowrap">March 5,</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNBC&rft.atitle=Central+bankers+back+stress+tests+as+criticism+swirls&rft.date=2014-10-27&rft.aulast=Cosgrave&rft.aufirst=Jenny&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2014%2F10%2F27%2Fcentral-bankers-back-stress-tests-as-criticism-swirls.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStress+test+%28financial%29" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Catey Hill, <a rel="nofollow" class="external text" href="http://www.nydailynews.com/news/money/bank-failed-stress-test-article-1.410218">Your bank failed the stress test. Now what?</a>, <i><a href="/wiki/New_York_Daily_News" title="New York Daily News">New York Daily News</a> (July 2, 2010).</i></span> </li> <li id="cite_note-MQ-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-MQ_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-MQ_3-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-MQ_3-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-MQ_3-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text">Mario Quagliariello, <i>Stress-testing the Banking System: Methodologies and Applications</i> (2009), p. 1.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">M. Y. Khan, <i>Indian Financial Systems, Sixth Edition</i> (2009), 13.45.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Victoria McGrane, "<a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10000872396390444897304578046353273283108">New Rules Expand Bank 'Stress-Test' Process</a>", <i>The Wall Street Journal</i> (October 9, 2012).</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pwc.com/en_US/us/financial-services/regulatory-services/publications/assets/fs-reg-brief-dodd-frank-act-banks-stress-test-dfast.pdf">"Stress testing: First at bat for midsized firms"</a> <span class="cs1-format">(PDF)</span>. <i>pwc.com/us/en/financial-services/regulatory-services/publications/dodd-frank-act-banks-stress-test-dfast.jhtml</i>. PwC Financial Services Regulatory Practice, February, 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=pwc.com%2Fus%2Fen%2Ffinancial-services%2Fregulatory-services%2Fpublications%2Fdodd-frank-act-banks-stress-test-dfast.jhtml&rft.atitle=Stress+testing%3A+First+at+bat+for+midsized+firms&rft_id=http%3A%2F%2Fwww.pwc.com%2Fen_US%2Fus%2Ffinancial-services%2Fregulatory-services%2Fpublications%2Fassets%2Ffs-reg-brief-dodd-frank-act-banks-stress-test-dfast.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStress+test+%28financial%29" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Office of the Comptroller of the Currency, "<a rel="nofollow" class="external autonumber" href="https://occ.gov/news-issuances/bulletins/2012/bulletin-2012-33.html">[1]</a>", <i>OCC BULLETIN 2012-33: Community Bank Stress Testing</i> (October 18, 2012).</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Federal Deposit Insurance Corporation, "[www.fdic.gov/regulations/examinations/supervisory/insights/sisum12/SIsmr2012.pdf]", <i>Supervisory Insights</i> (Summer 2012).</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pwc.com/en_US/us/financial-services/regulatory-services/publications/assets/dodd-frank-act-stress-test-2015.pdf">"First take: Ten key points form the Federal Reserve's 2015 Dodd-Frank Act Stress Test (DFAST)"</a> <span class="cs1-format">(PDF)</span>. <i>pwc.com/us/en/financial-services/regulatory-services/publications/dodd-frank-act-stress-test-2015.jhtml</i>. PwC Financial Services Regulatory Practice, March, 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=pwc.com%2Fus%2Fen%2Ffinancial-services%2Fregulatory-services%2Fpublications%2Fdodd-frank-act-stress-test-2015.jhtml&rft.atitle=First+take%3A+Ten+key+points+form+the+Federal+Reserve%27s+2015+Dodd-Frank+Act+Stress+Test+%28DFAST%29&rft_id=http%3A%2F%2Fwww.pwc.com%2Fen_US%2Fus%2Ffinancial-services%2Fregulatory-services%2Fpublications%2Fassets%2Fdodd-frank-act-stress-test-2015.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStress+test+%28financial%29" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bankofengland.co.uk/research/Pages/onebank/seminars/180216.aspx">"One Bank Flagship Seminar by Nassim Nicholas Taleb - Tail Risk Measurement Heuristics"</a>. Bank of England, February, 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=One+Bank+Flagship+Seminar+by+Nassim+Nicholas+Taleb+-+Tail+Risk+Measurement+Heuristics&rft.pub=Bank+of+England%2C+February%2C+2016&rft_id=http%3A%2F%2Fwww.bankofengland.co.uk%2Fresearch%2FPages%2Fonebank%2Fseminars%2F180216.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStress+test+%28financial%29" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.imf.org/external/pubs/ft/wp/2012/wp12216.pdf">"A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing"</a> <span class="cs1-format">(PDF)</span>. International Monetary Fund, August, 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=A+New+Heuristic+Measure+of+Fragility+and+Tail+Risks%3A+Application+to+Stress+Testing&rft.pub=International+Monetary+Fund%2C+August%2C+2012&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fwp%2F2012%2Fwp12216.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStress+test+%28financial%29" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Humphrey, D. (1986). Payments finality and the risks of settlement failure. In A. Saunders and L.J. White (Ed.), Technology and the Regulation of Financial Markets: Securities, Futures and Banking (pp. 97-120). Heath, Lexington. MA.</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">H. Leinonen (ed.): Simulation analyses and stress testing of payment networks (Bank of Finland Studies E:42/2009) <a rel="nofollow" class="external text" href="http://pss.bof.fi/Pages/Publications.aspx">Simulation publications</a></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">H. Leinonen (ed.): Liquidity, risks and speed in payment and settlement systems - a simulation approach (Bank of Finland Studies E:31/2005) <a rel="nofollow" class="external text" href="http://pss.bof.fi/Pages/Publications.aspx">Simulation publications</a></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">CPSS Publications No 34 (2001): CORE PRINCIPLES FOR SYSTEMICALLY IMPORTANT PAYMENT SYSTEMS <a rel="nofollow" class="external autonumber" href="http://www.bis.org/publ/cpss34e.htm">[2]</a></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">CPSS Publications (1990): Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten countries <a rel="nofollow" class="external autonumber" href="http://www.bis.org/publ/cpss04.htm">[3]</a></span> </li> <li id="cite_note-ECB-17"><span class="mw-cite-backlink">^ <a href="#cite_ref-ECB_17-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ECB_17-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">ECB: EU Banks' Liquidity Stress testing and contingency funding plans 2008 <a rel="nofollow" class="external autonumber" href="http://www.ecb.int/pub/pdf/other/eubanksliquiditystresstesting200811en.pdf">[4]</a></span> </li> <li id="cite_note-hassani2016-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-hassani2016_18-0">^</a></b></span> <span class="reference-text">"Scenario Analysis in Risk Management", Bertrand Hassani, Published by Springer, 2016, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-319-25056-4" title="Special:BookSources/978-3-319-25056-4">978-3-319-25056-4</a>, <a rel="nofollow" class="external autonumber" href="https://www.springer.com/gp/book/9783319250540">[5]</a></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Stress_test_(financial)&action=edit&section=5" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.elibrary.imf.org/display/book/9781484368589/9781484368589.xml">A Guide to IMF Stress Testing - Methods and Models</a></li> <li><a rel="nofollow" class="external text" href="http://www.bof.fi/sc/bof-pss/">The Bank of Finland Payment and Settlement Simulator BoF-PSS</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.pwc.com/us/en/financial-services/regulatory-services/publications/dfast-stress-testing-federal-reserve.jhtml">"First take: Dodd-Frank Act Stress Test (DFAST)"</a>. <i>pwc.com/us/en/financial-services/regulatory-services/publications/dfast-stress-testing-federal-reserve.jhtml</i>. PwC Financial Services Regulatory Practice, March, 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=pwc.com%2Fus%2Fen%2Ffinancial-services%2Fregulatory-services%2Fpublications%2Fdfast-stress-testing-federal-reserve.jhtml&rft.atitle=First+take%3A+Dodd-Frank+Act+Stress+Test+%28DFAST%29&rft_id=http%3A%2F%2Fwww.pwc.com%2Fus%2Fen%2Ffinancial-services%2Fregulatory-services%2Fpublications%2Fdfast-stress-testing-federal-reserve.jhtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AStress+test+%28financial%29" class="Z3988"></span></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline 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