News in Systemic Risk: Thursday, January 5, 2017 (10 a.m. ET)

Venetians, Volcker and Value-at-Risk: 8 centuries of bond market reversals (Bank of England Bank Underground Blog)

Two California Groups Test Washington’s Tolerance for New Banks - Applications down sharply since implementation of tougher, postcrisis rules (WSJ)

Why liquidity risk is the silent clearing killer - A quant paper shows feedback effects can amplify CCP margin requirements in stressed markets (Risk.net)

Credit the Financial Crisis, Major Changes Coming to Credit Loss Recognition (Bloomberg BNA)