On 2 July 2025, the Single Resolution Board (SRB) updated its guidance for banks on solvent wind-down of trading books (SWD guidance).  

Background

The SWD guidance sets out the main expectations that banks under the SRB’s remit with material trading activities are expected to develop to support the planning and execution of the solvent wind-down of derivatives and trading books.

Update

The update builds on the first SWD guidance published in 2021 and the assessment of SWD plans and playbooks submitted over the last resolution planning cycles. The update incorporates banks and other stakeholders’ feedback and addresses the shortcomings identified by the SRB via the review of banks’ deliverables. In the context of the SRB’s move to resolvability testing, the updated SWD guidance clarifies operational aspects of phased-in capabilities.