On October 11, the International Swaps and Derivatives Association, Inc. (ISDA) announced that 18 major global banks (G-18) agreed to sign the Resolution Stay Protocol, which was designed to support cross-border resolution and reduce systematic risk and is a significant step for banks that are considered “too-big-to-fail.” Effective January 2015, the Protocol will allow participating counterparties to “opt into certain overseas resolution regimes via a change to their derivatives contracts.” The Protocol will be applicable to new and existing trades and will likely extend to firms beyond G-18 banks in 2015.