This is one of the issues that are very close to my colleague Deputy Governor Francois Groepe and I am sure he will discuss this matter with you in greater detail during the relevant session on this topic.
Improvements in technology, product innovation, market integration, fierce competition, as well as policy and regulatory reforms have resulted in a dynamic and sophisticated financial industry. The pace of development and innovation in the financial industry even surpassed the authorities’ ability to adequately regulate and establish suitable oversight mechanisms.