While there are numerous financial institutions in the world that are full of hidden NPLs and over-leveraged, trading at extreme levels of risk, the FSA's "Too-Interconnected-To-Fail" list of systemically critical banks is where global investors' attention is really focused.

BMO Capital Markets breaks down the world's most systemically critical financial institutions using their own "special sauce" of CDS levels, CDS term structure, equity price, liquidity, and spread trends.

Frankly, as we explained previously, these are the "Musketeer" banks - one for all and all for one as any system failure in Deutsche, Credit Suisse, or Bank of China will leak immeasurably and contagiously around the world via the interconnectedness of the collateral chains used to fund these behemoths.