ISDA, SIFMA, ICMA and ISLA announced the execution by 21 global systemically important banks (G-SIBs) of a revised ISDA Resolution Stay Protocol. The protocol coverage has been extended beyond OTC bilateral derivatives contracts to securities finance transaction (SFT) master agreements. In order to facilitate an orderly resolution of a G-SIB, the protocol provides that counterparties agree to the cross-border enforceability of existing statutory stays on resolution-related early termination in OTC bilateral derivatives contracts and securities financing agreements