Earlier this year, ISDA created and 18 major banks supported a change to existing and future swaps contracts to protect their validity in the case of a bank failure. This legal change is intended to foster a more orderly future unwind process for a failed bank and reduce the need for future bank bailouts. Previously, derivatives contracts were exempt from the "automatic stay" provision of the US bankruptcy code, rendering them terminable in the case of a bank failure. Today's rules issued by the Fed and OCC were minor implementing changes, intended to support the broad contract change.