Rule changes and conflicts — through their transmission channels.
| Concept | Explanation | |---|---| | Policy decision | Government or central-bank action. | | Regulatory proposal | Potential rule change that may or may not become final. | | Implementation risk | Uncertainty about timing, enforcement, or scope. | | Geopolitical risk | Conflict, sanctions, trade restrictions, or political instability. | | Transmission channel | How the event affects demand, supply, funding, confidence, or operations. |