Third, the report also outlines the general responsibilities of central banks, market regulators, and relevant authorities responsible for FMIs, in implementing these standards. You might think that this renewed interest in beefing up standards would have got the regulatees and their lobbyists up in arms. Quite the contrary.
Gottfried Leibbrandt, Head of Marketing at SWIFT, supports these moves: “Standards underpin all hope of progress to a more efficient global financial services industry”. And I fully agree with the Chairman of SWIFT when he says that, as the world slowly emerges from the worst crisis of our generation, regulation and supervision will continue to be crucial elements for maintaining financial stability.