News in Systemic Risk: Monday, July 23, 2018 (10 a.m. ET)

Uncertain Booms and Fragility (Michael Junho Lee; New York Fed)

Implementation monitoring of PFMI: Fifth update to Level 1 assessment report (Committee on Payments and Market Infrastructures; BIS)

Decade After Crisis, a $600 Trillion Market Remains Murky to Regulators (New York Times)

Brussels rejects UK’s financial services Brexit plan (FT)

US banks urge UK to cut corporate taxes to stop Brexit exodus (FT)

New rules for Europe’s €1.3tn money market fund sector (FT)

G20 calls for stepped-up trade dialogue; no agreement on path forward (Reuters)

China Takes ‘More Flexible Way’ on Wealth Products Rule Changes (Bloomberg)

Analysts Are Downgrading China's Small Banks at Record Pace (Bloomberg)

Collapse of Chinese peer-to-peer lenders sparks investor flight (FT)