We consider financial stability to exist when we have a financial system that is resilient to systemic shocks, facilitates efficient financial  1  Johannesburg Stock Exchange T+3 Project Overview and Frequently Asked Questions, August 2016. BIS central bankers’ speeches  1  intermediation and mitigates the macroeconomic costs of disruption in such a way that confidence in the system is maintained.
The focus on financial stability is in line with the global trends where the regulatory community, in reaction to the global financial crisis, has been dedicating more effort and resources to reducing risk, achieving greater transparency and accountability, and improving efficiency in order to establish a safer market environment.