Most financial talk treats systemic risk as a matter of exogenous events, sort of like comets that originate outside the normal operations of the solar system, unpredictably appearing, flashing across the sky and then suddenly disappearing.

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The problem is that for many large firms, systemic risk is a matter of exogenous events, sort of like comets which originate outside the normal operations of the solar system, suddenly appearing, flashing across the sky and then disappearing.

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The modus operandi of this process - success, failures or conflicts - were examined with a view to highlighting exogenous and endogenous limitations.

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These conditions include disorderly price action on Wednesday, a large overall yen move within a week, and a need to stabilize the Japanese economy and financial markets in the face of a significant and extraordinary exogenous shock.

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Going into the shoulder season there will be much less of a buffer to absorb any exogenous supply shocks.

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Per this adage, a trader might rightfully conclude that staying long is the winning hand barring an exogenous shock to the system.

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That is at model time folks seem to forget that they are dealing with a complex system that has specifically evolved to maintain equilibrium in the face of exogenous shocks.

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Thus, the analysis of exogenous structures and factors of SCF begin with disclosure of what it means to represent to the public that a financial institution or business has embraced SCF.

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