In its report on October 31, 2022, BIS clearly pointed out the huge risks brought about by the "network effect" of the clearing system.
This is why the Swiss government and the Swiss National Bank must agree to the very harsh acquisition conditions proposed by the Swiss Bank.
The reason is that the collapse of Credit Suisse is not only a problem of a market maker, it will trigger the systemic risk of the entire clearing system, which will mean the complete end of the global financial system.
The risk of this level of financial system is much stronger than any previous financial crisis. It will directly destroy everything that the entire capitalist world knows, including the economy and politics. This price is unbearable, and it does not depend on QE. It can be solved. Once this risk occurs, the social system of capitalism will collapse and come to an end.