The necessary changes are enacted by the relevant national and international financial authorities. In a nutshell, the FSF acts as a central hub for all the issues that are relevant from a global financial stability perspective. On the speaker: Mario Draghi, Governor of the Banca d’Italia, has been chairing the FSF in a personal capacity since April 2006.
Going local would give regulatory authorities a high degree of oversight and supervision over systemically important financial market infrastructure. Canadian authorities would also have much more control over the design and implementation of emergency measures, including the provision of emergency liquidity.