Expectations should be highest for institutions whose activity can significantly affect other institutions, such as major clearing and settlement entities, and institutions that act as financial "utilities" in some of their functions. However, we need to balance competing issues. We have an ongoing interest in the safety and soundness of individual institutions, as well as in systemic financial stability.
But we also recognize that, even though the largest nationally and internationally active U.S. and foreign banking institutions have a key role to play in financial stability, they also participate in a competitive marketplace. Thus, we need to be careful not to create undue burden on a handful of institutions.