SYSTEMIC RISK
Due to formal institutional approach the modern definitions and models of systemic risk tend to be vague and outdated. Neither fall of systemically important banks, nor the fail insurance companies do not outline the up-to-date trends of financial system. Namely, reconsideration of capital markets in respect of financial interdependence. Systemic risks can be hardly evaluated, unless, cognitive aspects of financial agents’ long- and short- term behavior and externalities of their communication are taken into account. In the framework of brand-new financial reality consideration of widely applied financial and economic models as CAPM can induce major flaws in financial turnover.