systemic risk "systemic risk" means — (a) the risk that the failure of a participant or operator to meet his payment or settlement obligations will cause another participant to be unable to meet his payment or settlement obligations when due; or (b) the risk that the failure of a participant or operator to meet his payment or settlement obligations may cause significant liquidity or credit problems that might threaten the stability of financial markets; ACT 627 - PAYMENT SYSTEMS ACT 2003 2. Interpretation.