Access and interoperability criteria must be carefully developed in order to maximise the systemic benefits of this important reform. Addressing too big to fail and re-instilling market discipline There is a firm conviction among policy-makers that losses incurred in future crises must be borne by the institutions themselves. This means management, shareholders and creditors, rather than taxpayers.
6  BIS Review 147/2010  Better market infrastructure alone will not be sufficient to re-instill market discipline. Ultimately, a series of measures, including living wills and better cross-border resolution regimes, will be required to expose fully firms to the ultimate sanction of the market.