A coordinated response by the supervisory and resolution authorities in different jurisdictions would be essential to successfully resolving an international banking group. Regular cooperation and a relationship of trust are essential prerequisites for a coordinated response in a crisis.
The global crisis management groups set up by FINMA for Credit Suisse and UBS are designed to achieve this. FINMA also regularly holds a regionalcrisis management and resolution planning college with Asian supervisory and resolution authorities.
SIX x-clear was identified as an internationally systemically important central counterparty in July 2017. In line with international standards, FINMA has therefore established a crisis management group (CMG) for SIX x-clear.