London is the world’s center for over the counter derivatives trading-again with double the share of the trading in similar instruments conducted in New York. Moreover, a substantial share of the world’s securities trading is channeled through the City.
Beyond asset clean up, the BSP is following through with its regulatory reforms aimed at further strengthening corporate governance, risk management and capital adequacy in our banks through a more effective and efficient enforcement. Last year, we began the changeover to International Accounting Standards/Financial Reporting Standards. This would further strengthen the current transparency and disclosure requirements in financial reporting.