Abstract. The possibility of systemic crises that could affect most financial markets is at the heart of the researchers concerns and specialists around the world. Thus, regardless of the origin of a financial crisis, it is the responsibility of the regulatory authorities to realize the isolation of the crisis, so that it does not spread to the other banks through the credit channel. The contagion from one bank to another is due to a network of financial contracts which come from three sources: the interbank market, the payment systems and the derivatives market.

Keywords: risk management, interbank market, financial crisis, derivative financial instruments, payment systems.