On a daily basis it delivers financial intermediation between market participants and end users, whether the transmission of salaries and other payments from one bank account to another or the settlement of market transactions through a web of settlement banks, clearing houses, settlement systems and custodians.
As overseers of FMIs, we need to ensure that each of the nodes in this network is operationally resilient and in a position to provide the services that are important to the system as a whole.