Going forward, trade repository data collected under EMIR may be another important source of information for authorities, and may help shed light on certain industry dynamics, such as the extent of cross-CCP participation in various asset classes, and the scope for expanding interoperability. Allow me to say a few words in conclusion.
I have tried to present some of the benefits and challenges I would see from the continuing implementation of CCP interoperability. Since the early days of the Giovanni Group, authorities have kept their focus on financial markets integration, but at the same time they have given increasing attention to financial stability concerns. CCP interoperability can play an important role to foster the first objective.