Since the financial crisis, the prudential regulation of these entities has taken on added focus, both in Australia and elsewhere. This reflects the critical role that these entities play in the smooth functioning of the financial system, with this role increasing following the agreement by the G20 nations to clear all standardised OTC derivative through central counterparties.
*  *  Introduction  Ladies and gentlemen, it is with much pleasure that I welcome you here this evening to the Financial Market Department’s fourth annual cocktail function. I thank you for taking time out of your busy schedules to be present here this evening.