Endgames matter in financial regulation. Who is in charge and how losses are allocated strongly affects incentives and behavior long before difficulties arise. Most countries though lack an effective framework for resolving systemically important financial institutions (SIFIs). All too often—as in the recent crisis, the endgame is instead determined by frantic improvisations over a chaotic weekend under crisis conditions. The international expansion of SIFIs makes this a global problem, leading to conflicts among three policy objectives – preservation of national sovereignty, enhancement of international financial integration and preservation of financial stability – a financial trilemma. This Report examines three approaches to the resolution of SIFIs that address the trilemma[...]