The Board of Governors of the Federal Reserve System proposed a rule that would require US global systemically important banking institutions to amend their contracts for certain common financial transactions to preclude the immediate termination of such contracts if a firm enters bankruptcy or a resolution process. Relevant contracts – termed “qualified financial contracts” – that would have to be amended include those used for derivatives, securities lending and short time financing such as repurchase agreements. Relevant institutions could comply with the FRB’s requirements by using qualified financial contracts that are modified by the International Swaps and Derivatives Association 2015 Resolution Stay Protocol.