Measuring Financial Stress

Significant efforts are being made by central banks to monitor the state of financial markets on a real-time basis. Here are a few examples:
The Cleveland Financial Stress Index
St Louis Financial Stress Index
Chicago Fed Financial Conditions Index
Kansas City Financial Stress Index
Riksbank Financial Stress Indices
ECB Financial Stress Indicator

For an overview of how such indices might be used in supporting macroprudential policy, have a look at
Macroprudential Policy Tools and Frameworks, Joint FSB-IMF-BIS Progress Report to G20, Oct 2011