Well, consider the consequence if stock prices sold off globally, implied volatility jumped, and record trading volumes overwhelmed the trading capacity on the stock exchanges. Consider a spike in a measure of implied U.S. equity-market volatility so large that it would be in the top 1/2 of one percent of one-day changes in nearly a generation.
An additional way in which the Committee is addressing the too-big-to-fail problem relates to the use of contingent capital.