They could not be priced properly, the markets they involve could not be arbitraged properly, and the risks they give rise to could not be managed at all, to say nothing of properly, without high-powered data processing and communications capabilities. Still, for central bankers with responsibilities for financial market stability, the new technologies and new instruments have presented new challenges.
5  Concluding remarks  So this is my storyline concerning CRT – it is a story of the continual trade-off for financial regulators between the benefits of free markets and the threat of market failures. And I would like to emphasise that I believe this struggle for the right regulatory framework will go on.