FOC is a Scientific Project Financed by FET OPEN Scheme in the field of Information and Communication Technology by the European Commission. The research topic is to understand and possibly forecast systemic risk and global financial instabilitiesWe want to provide a novel integrated and network-oriented approach to the issue. On one hand, we will offer a theoretical framework to measure systemic risk in global financial market and financial networks. On the other hand, we will deliver an ICT collaborative platform for monitoring systemic fragility and the propagation of financial distress across institutions and markets around the world. Experts will be able to evaluate algorithms and models to forecast financial crises as well as visualise interactively possible future scenarios.