The Global Financial Stability Report of the IMF (2009) defines systemic risk as “a risk of disruption to financial services that is caused by an impairment of all or parts of the financial system, and that has the potential to cause serious negative consequences for the real economy”. With the recent financial crisis, interest in the concept of systemic risk has grown. The rising globalization of financial services has strengthened the interconnection between financial institutions. While this tighter interdependence may have fostered efficiency in the global financial system, it has also increased the risk of cross-market and cross-country disruptions.