For a solution to be possible, however, it would be required the support of the European Commission by taking the necessary legislative initiative for the creation of a basic reporting  6  Underlying securities include U.S. Government, Federal Agency, Government Sponsored Enterprise, Mortgage-backed, and Corporate Securities. 6  BIS central bankers’ speeches  framework at the EU level for market infrastructures.
In order to rise to the challenge, we need to add to our competitive strengths in several dimensions, by addressing new markets, developing new products and refreshing old products, and by increasing the level of efficiency in the delivery of support services. Furthermore, we need to develop additional expertise, which is why we are here today.