8  The Depository Trust and Clearing Corporation (DTCC) launched an industry steering committee in collaboration with other stakeholders such as the U.S. Securities Industry and Financial Markets Association (SIFMA) and Investment Company Institute (ICI). 6  BIS central bankers’ speeches  is required.
In the medium to long run, however, the Japanese economy as a whole can greatly benefit not only from the reduction of settlement risks arising from unsettled positions, but also from the enhanced efficiency of settlement operations and through financial innovation.