The aim of the “TSI initiative”, as you are all well aware, is to bring together borrowers and lenders, regardless of where the underlying liquidity or collateral is held, thereby avoiding the build-up of silos in the market.
In order to place the TSI initiative in context, let us reflect for a moment on the European repo market, which has grown significantly since the beginning of the financial crisis. As you are all aware, the repo market plays a vital role in the financial system, as a source of funding and more generally, for the provision of market liquidity.