Going forward, we will continue our industry and international coordination efforts, including participation in the President’s Council on Year 2000 Conversion, the Joint Year 2000 Council, and trade associations, to assist the industry in preparing for the Year 2000. In closing, I would like to thank the Committee for its extensive efforts to focus the industry’s attention on this significant matter.
The recent reform measures, many of which are in the works, have been fashioned around the four major themes of (i) liberalising financial markets and simplifying market regulation; (ii) internationalising financial markets; (iii) safeguarding the “buy side” – user protection; and (iv) ensuring resilience and safety. Let me discuss each of these themes. Liberalising financial markets and simplifying market regulations 12.