Nevertheless, the smooth operation and financial soundness of clearinghouses and related institutions are essential for financial stability, and we must not take them for granted. Importantly, title 8 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains provisions aimed at improving the transparency, resilience, and financial strength of clearinghouses, which the act calls financial market utilities.
Just last week, we received the detailed economic report on the fourth quarter of 2019 from Statistics Canada. As expected, this report shows that the economy slowed significantly in late 2019.