On July 26, 2016, Prof. Mei Li, QIIR Senior Research Fellow, Associate Professor at Department of Economics and Finance at University of Guelph delivered a speech titled Uncertainty in an Interconnected Financial System, Contagion, and Market Freezes in QIIR Lunch Seminar series. Prof. Li focused on the systematic risks led by Lehman Brothers’ bankruptcy in the 2008 subprime crisis. Based on the research on individual financial institution’s bankruptcy trigger the failure of the whole financial system, Prof. Li suggests that a contagion mechanism plays an important role after Lehman Brothers’ bankruptcy.