This is a major topic which is being examined right now at the request of the entire international community, particularly at the level of the Financial Stability Board. I think I am expressing the feelings of all central bankers when I consider that there are crucial issues here in terms of transparency and appropriate regulation.
We must be sure that these financial market participants do not create new systemic risks. Are you satisfied with the rise of the organised markets compared with over-thecounter (OTC) transactions, with specific reference to centralised compensation? 2  BIS central bankers’ speeches  – Here again, we are dealing with another core issue on which the entire international community is reflecting.