Eighteen systemically important global banks have agreed to delay by one day their right to exercise certain early termination and cross-default rights against one another in connection with over-the-counter transactions when their counterparty is in imminent collapse and their fate is being resolved by a national regulator. This agreement was developed by the International Swaps and Derivatives Association, Inc. in conjunction with the Financial Stability Board, and will be memorialized in a new “ISDA Resolution Stay Protocol.” The protocol, which will effectively amend standard ISDA form derivatives contracts between the banks–all deemed "too big to fail"–is expected to be formally implemented in November and go into effect as of January 1, 2015. The adoption of the protocol is anticipated to enhance the effectiveness of cross-border resolution actions. Currently, statutory stays that might be obtained by regulators to delay implementation of early termination rights may only apply domestically. According to a statement issued by the FSB,“[w]hen the protocol goes live in November, it will close off much of the cross-border close-out risk that statutory stays have not been able to eliminate because their reach is limited to national borders.” (The FSB was established following the 2008 financial crisis to coordinate internationally national regulators and international standard setting bodies.)