So it is with SWIFT. And it is because of this systemic importance that the central banks of the G-10 countries agreed in 1998 that SWIFT should be under cooperative oversight by central banks. As SWIFT is established under Belgian Law, the National Bank of Belgium functions as the lead overseer.
The crisis has been a stressful time for all financial sector players and their regulators. FMIs performed quite well during the financial crisis. The severity of the crisis has brought to light important lessons regarding effective risk management. This has led international standardsetters to review and upgrade existing standards.