We have focused our resource in Auckland, where many financial institutions are headquartered. Relationship with the sector In 2018 we introduced a Relationship Charter with our regulated institutions to ensure we build on our supervision performance. We have surveyed these institutions annually to ensure we are meeting the Charter commitments.
In addition, over the past thirty years the clearing and settlement infrastructure has become increasingly concentrated in the United States and in some other countries as financial firms have pursued the advantages of economies of scale and invested in technology to reduce costs and streamline procedures. In Europe, this process accelerated following the introduction of the euro.