At the G10 level, standards for securities settlement systems have been developed by a Joint Task Force in which both the Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) are represented. The fruitful experience gained in this co-operation has encouraged similar work at the EU level.
Well-designed regulatory measures can thus ensure that increased competition need not come at the expense of financial stability. [9] From a macroprudential perspective, assessing the need for regulatory responses requires an understanding of markets and market structures. Ideally, decisions on regulations should be taken as part of a structured policy process (Buch, Vogel and Weigert 2018).