It was in the above backdrop that a menu of OTC products was introduced to enable the economic agents to manage their risks in an effective manner. Being a bank dominated system, it was natural that these products were offered through the OTC market with banks acting as intermediaries.
This year our Presidency relaunched the Sustainable Finance Study Group, which has now been transformed into a permanent G20 working group, with the United States and China – the two largest economies and greenhouse gas emitters – agreeing to co-chair it.