The role of systemic risk in contributing to the causes and severity of the global financial crisis (GFC) has been widely recognised. While systemic risk has traditionally been approached as a banking issue, the GFC revealed new levels of interconnections between the banking, financial, real estate and insurance industries (FIRE) with global implications. In response, the International Organisation of Securities Commissions (IOSCO) adopted three new objectives of securities regulation in 2010, the third of which is "reducing systemic risk", as well as new principles that emphasise the need for processes that monitor, mitigate and manage systemic risk. This article analyses systemic risk in New Zealand from a securities regulation perspective, arguing that in light of the far-reaching implications of systemic risk revealed by the GFC, securities regulators and commentators need to understand systemic risk and its operation. It then argues that two recent developments in New Zealand and Australia's financial product markets pose potential systemic risks: covered bonds and retail trading in contracts for difference. Drawing on Australian studies and developments in these two areas, the article suggests some regulatory responses for New Zealand, including integrated monitoring.