Such an approach would reduce regulatory uncertainty and enhance the ability of market participants—ranging from global banks to small factory owners and farmers—to hedge risks and protect themselves from economic shocks. Improving cross-border payments Let me turn now to cross-border payments, an issue that all of you have likely had some experience with as consumers or in your businesses.
As you know, sending funds to or receiving them from the United States or any other country is slow, inconvenient and costly. 16  S. O’Malia, “No Answer Yet to Cross-Border Concerns,” International Swaps and Derivatives Association, 11 May 2015. Available at http://isda.derivativiews.org/2015/05/11/no-answer-yet-to-cross-border-concerns. 17  The Financial Stability Board publishes an annual report on the implementation of reforms in the OTC derivatives market.