Rebecca Simmons and Charles Gray attended the Cross-Border Resolution Colloquium, sponsored by the Institute of International Finance and the Bank Policy Institute, in New York on December 3. Charles chaired a panel titled “Pre-Positioning of Total Loss-Absorbing Capacity & Liquidity Resources,” which generated an extended discussion of the risks posed by excessive “ring-fencing” of capital and liquidity resources along national lines within global systemically important banks, and both Charles and Rebecca participated in the remaining aspects of the discussion. The Colloquium is an ongoing series of meetings, commenced shortly after the financial crisis of 2008, in which invited practitioners discuss the regulatory, operational and practical issues that would be involved in addressing the failure of a globally significant financial institution in the context of current regulatory, economic and other factors.