Despite the swift action by regulators, stock markets in the UK and Asia fell.

London’s FTSE 100 index was down 1.6% in early trading, while Japan’s Nikkei 225 lost 1.4%.

The Hang Seng Index in Hong Kong fell 2.6%.

Shares in British banks were also hit in London trading, extending losses from last week, which was their worst weekly performance in more than a year.

Shares in UBS were down 12% following its acquisition of Credit Suisse.

However, experts are not forecasting a repeat of the 2008 financial crisis when the failure of several big banks sparked a global recession.

The Swiss National Bank said the rescue deal for Credit Suisse was the best way to restore financial markets’ confidence and manage econom