Progress in this field has only been achieved gradually. It takes time and is sometimes difficult to recognise. However, looking back to when the euro was introduced, we can see that we have made some considerable progress. Back in 2000 most cross-border credit transfers were processed via correspondent banking arrangements, which were based on bilateral relationships between financial institutions.
The importance of improving transparency, mitigating systemic risks and protecting against market abuse came to the forefront. In September 2009, the G-20 leaders mandated that OTC derivative contracts should be reported to trade repositories; all standardised OTC derivatives contracts should be traded on exchanges or electronic trading platforms, where appropriate; and all standardised OTC derivatives contracts should be cleared through the CCPs.