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News in Systemic Risk: Tuesday, December 6, 2016 (10 a.m. ET)

Italian Referendum

Italian ‘No’ Vote Poses Test for European Central Bank - Outcome will feed into ECB’s decision this week on the future of its bond-buying program (WSJ)

No Roman Holiday for Investors in Italy - Investors shrug at ‘No’ vote and move on, but Italy’s banks and economy are two serious problems (WSJ)

Italian state must act as backstop to bolster banking system - At stake is not only the country’s banking system but financial fortunes of the EU (Financial Times)

After the Italian referendum: a treacherous period for banks and growth (Council on Foreign Relations)

BoE warns commercial property poses risk to financial stability - ‘Significant’ slowdown in sector as foreign investor appetite wanes post-Brexit vote (Financial Times)

Biden Defends Dodd-Frank, Other Obama Financial-Regulation Policies - Vice president says the incoming Trump administration would be wise to examine existing agencies and regulations before trying to eliminate them (WSJ)

Banks’ post-crisis consultancy spending soars to $200bn - US lenders pay out $80bn from 2008 to 2016 as regulation drives increase (Financial Times)

Are All CLOs Equal? (NY Fed Liberty Street Economics Blog)

BIS Working Paper:  The countercyclical capital buffer and the composition of bank lending