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Expanded research on systemic risk, market structure and cross-asset fragility.

Cover of LB Research issue 010, titled Markets Share Volatility Differently Under Stress.

Research insight

12 October 2026

Markets Share Volatility Differently Under Stress

Cross-market volatility coupling rises around major stress events, but not equally across relationships or horizons.

Issue 010

Cover of LB Research issue 009, titled Too Big to Fail Became Too Complex to Fail.

Research insight

5 October 2026

Too Big to Fail Became Too Complex to Fail

Systemic importance is not one ranking.

Issue 009

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New research published every Tuesday and Thursday.

Line chart titled Bridge Importance Should Survive the Threshold, showing betweenness centrality for SPY, HYG, HY OAS, LQD and 2Y at absolute-correlation thresholds of 0.35, 0.40, 0.45 and 0.50. SPY and HYG have positive betweenness at all four thresholds, while HY OAS remains a bridge at three of four thresholds, or 75%.

Technical Thursday

8 October 2026

Bridge Importance Should Survive the Threshold

Bridge importance is more convincing when it persists across network definitions. HY OAS remains a bridge across 75% of tested correlation thresholds, while SPY and HYG persist across all of them.

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Navy carousel cover titled Too Big to Fail Became Too Complex to Fail, with the subtitle Why systemic importance is not one ranking. Gold, orange, teal and blue nodes are connected by flowing links around a central gold node. Data as of September 2026.

Tuesday Research

6 October 2026

Too Big to Fail Became Too Complex to Fail

Systemic importance is not one ranking. HY OAS ranks 9th in structural strength but 3rd in robust bridge importance, while HYG ranks 1st in transmission and VIX 2nd in downside consequence.

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