{ "title": "Coming Soon: Global Financial Stability Report, October 2026", "publication": "Global Financial Stability Report", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2026/10/13/global-financial-stability-report-october-2026", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2026/10/13/global-financial-stability-report-october-2026", "overlayPath": "/en/publications/gfsr/issues/2026/10/13/global-financial-stability-report-october-2026/index.md", "summary": "Stay tuned for the IMF’s October 2026 Global Financial Stability Report, with analytical chapters launching on October 6 and 8, followed by Chapter 1 on October 13 during the 2026 Annual Meetings in Bangkok, Thailand.", "sections": [ { "heading": "Release schedule and launch event", "content": "- The IMF will launch analytical chapters on October 6 and October 8, 2026; Chapter 1 will be released on October 13, 2026 during the 2026 Annual Meetings in Bangkok, Thailand.\n- RELEASE DATES listed by the publication:\n - Released Thursday, October 8 at 2:00 PM KST (1:00 AM ET): Full Report: Resilience, Risk, and Transformation; Chapter 1: Beneath the Resilience: Rising Risks, Unresolved Vulnerabilities\n - Tuesday, October 13 at 10:15 AM ICT (Monday, October 12 at 11:15 PM ET): Chapter 1 release event\n- The Global Financial Stability Report provides an assessment of the global financial system and markets, addresses emerging market financing in a global context, and draws out financial ramifications of economic imbalances highlighted by the IMF’s World Economic Outlook." }, { "heading": "Chapter 2 — Hedge Funds and Financial Stability: key findings", "content": "- Hedge funds now hold about $13 trillion in assets, more than three times their 2013 level.\n- The hedge fund sector remains relatively small within nonbank finance but has grown rapidly.\n- Strengths in calm times:\n - Can support market liquidity, price discovery, and risk sharing.\n- Vulnerabilities in stress:\n - Leverage, crowded positions, and correlated investor redemptions can trigger synchronized deleveraging and asset sales.\n - Such dynamics can increase volatility and strain market liquidity.\n - Stress can spill over to prime brokers and magnify global risk shocks in markets with larger hedge fund footprints, particularly where liquidity is thin.\n- Policy implications and resilience measures:\n - Better data for systemwide risk assessments.\n - Prudential measures calibrated to the nature and source of hedge fund vulnerabilities.\n - Credible central bank backstops to address severe dysfunctions in core markets." }, { "heading": "Chapter 3 — Scaling Tokenization: New Efficiencies, New Vulnerabilities: key findings", "content": "- Definition and potential:\n - Tokenization is the representation of assets and liabilities on programmable distributed ledgers.\n - By integrating functions traditionally performed by multiple intermediaries onto a shared platform, tokenization can streamline the asset life cycle, reducing frictions, improving transparency, and enabling greater automation.\n- Current state:\n - Tokenized markets remain small and fragmented.\n - Evidence from tokenized equity markets points to new functionalities, including 24/7 trading, fractional ownership, and emerging on-chain price discovery.\n - Largely because of limited scale, tokenized markets remain less liquid, more volatile, and more fragmented than traditional counterparts.\n- Constraints to development (four interrelated):\n - Legal certainty\n - Regulatory clarity\n - Interoperability\n - Availability of settlement assets\n- Risks as tokenization scales:\n - Heightened technology and infrastructure dependencies.\n - New channels through which traditional vulnerabilities—such as liquidity risk, interconnectedness, and leverage—can propagate and amplify shocks.\n- Policy recommendation:\n - Policymakers should adopt a technology-neutral approach that removes unnecessary barriers to tokenization while safeguarding financial stability." }, { "heading": "Chapter 3 launch session speakers", "content": "- Opening Remarks: Min Soo Kwon, Bank of Korea, Senior Deputy Governor\n- Presentation: Gonzalo Fernandez Dionis, IMF, Senior Financial Sector Expert\n- Emily Kwak, BlackRock, Director, Product, Policy & Regulatory Strategy\n- Sung-guan Yun, Bank of Korea, Director General of the Office of Digital Currency\n- Masaki Bessho, Bank of Japan, Deputy Director-General for Digital Currency Payment and Settlement Systems\n- Moderator: Athanasios Vamvakidis, IMF, Deputy Director" }, { "heading": "Analytical products and supplementary materials", "content": "- The publication references additional materials associated with chapters (e.g., online annex, summary, data, infographic, blog, SUMMARY IN THAI) for analytical Chapters 2 and 3.\n- The Global Financial Stability Report contains analytical chapters or essays on structural or systemic issues relevant to international financial stability." } ], "bullets": [ "The IMF will launch analytical chapters on October 6 and October 8, 2026; Chapter 1 will be released on October 13, 2026 during the 2026 Annual Meetings in Bangkok, Thailand.", "RELEASE DATES listed by the publication:", "The Global Financial Stability Report provides an assessment of the global financial system and markets, addresses emerging market financing in a global context, and draws out financial ramifications of economic imbalances highlighted by the IMF’s World Economic Outlook.", "Hedge funds now hold about $13 trillion in assets, more than three times their 2013 level.", "The hedge fund sector remains relatively small within nonbank finance but has grown rapidly.", "Strengths in calm times:", "Vulnerabilities in stress:", "Policy implications and resilience measures:", "Definition and potential:", "Current state:", "Constraints to development (four interrelated):", "Risks as tokenization scales:", "Policy recommendation:", "Opening Remarks: Min Soo Kwon, Bank of Korea, Senior Deputy Governor", "Presentation: Gonzalo Fernandez Dionis, IMF, Senior Financial Sector Expert", "Emily Kwak, BlackRock, Director, Product, Policy & Regulatory Strategy", "Sung-guan Yun, Bank of Korea, Director General of the Office of Digital Currency", "Masaki Bessho, Bank of Japan, Deputy Director-General for Digital Currency Payment and Settlement Systems", "Moderator: Athanasios Vamvakidis, IMF, Deputy Director", "The publication references additional materials associated with chapters (e.g., online annex, summary, data, infographic, blog, SUMMARY IN THAI) for analytical Chapters 2 and 3.", "The Global Financial Stability Report contains analytical chapters or essays on structural or systemic issues relevant to international financial stability.", "[Ch2data (XLSX)](/-/media/files/publications/gfsr/2026/october/data/ch2data.xlsx){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}", "**Chapter 2**", "**Microsoft Word - October 2026 GFRS Chapter 2 - Annex**", "[Infographic (PDF)](/-/media/files/publications/gfsr/2026/october/english/ch2infographic.pdf){rel=\"external\" type=\"application/pdf\"}", "**Summary**", "**Chapter 3**", "**Annexes 3.1–3.3: Price Discovery, Tokenization Risk Framework, and Operational Risks**", "**Summary in Thai**", "**Summary in Thai**" ], "related": [ { "title": "Ch2data", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2026/october/data/ch2data.xlsx", "binary": { "path": "/-/media/files/publications/gfsr/2026/october/data/ch2data.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Chapter 2", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/gfsr/2026/october/english/ch2.pdf", "summary": { "path": "/-/media/files/publications/gfsr/2026/october/english/ch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/gfsr/2026/october/english/ch2.pdf", "mime": "application/pdf" } }, { "title": "Microsoft Word - 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