Other new non-systemic systems would also be able to opt-in to the new regime. To assess whether an FMI is systemically important, we are using international standard criteria: the size and concentration of financial risks within the FMI; the role and the nature of the transactions it processes; the extent to which there are alternative services available; and the FMI’s interdependencies with other FMIs.
Let me share with you some of the issues we have been discussing within the Basel Committee, as well as some of our current priorities. While we have a rigorous and ambitious work plan with clear timelines to make progress and deliver on these issues, I nevertheless want to caution you that this is still work in progress.