As an investor in financial debt, we are preoccupied with the type of
 environment that could create events such as non-viability or create an
 impairment to loan pools inside and outside of the banking sector.
Our research leads us to believe that severity and speed are key in 
making these tail events plausible, consequently our monitoring is 
focussed around the type of things which could give rise to a heightened
 level of speed and severity.
The document runs through an explanation of the Realm System risk score 
as well as reviewing historical analysis and where we are today. 
We have also provided a qualitative review of the system, where we touch
 on the themes of regulation, disintermediation and our anecdotal 
experiences from talking to market participants.
	
	
	    
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