At the same time, trades that are not suitable for central clearing pose particular risk management challenges given their more bespoke and opaque nature. Therefore, in my view, capital charges and collateralisation requirements for bilaterally cleared trades must be at least as stringent as the requirements for CCPs to ensure a sufficiently robust buffer against adverse market developments, operational and counterparty risks.
I welcome that banking supervisors around the world are developing strengthened frameworks in this regard, working in step with the revision of global prudential standards that is currently under development by the Basel Committee. Conclusion Ladies and gentlemen, allow me to conclude.