*  *  *  It is a great pleasure for me to participate once again in the European Banking & Financial Forum here in Prague and I congratulate the organizers for the interesting topics they have chosen this year.
The process of consolidating the supervision of clearing and settlement activities and the increasing use of links challenge the present supervisory framework. The competence of oversight remains with the authorities of the country of origin of the system. However, co-operation between competent authorities for the oversight of trading venues and post-trading systems should be strengthened, both domestically and at the international level.