Enterprises in different development stages have financing needs different in nature and feature. Venture capital suits the financing feature of startups; bank credit is more favorable for enterprises at the growth stage; and bonds, stocks, and other direct financing tools are of great importance to relatively mature businesses.
Holding financial market infrastructures to more stringent risk-management standards The last area of reform that I want to discuss today is the new risk-management standards for systemically important financial market infrastructures. In 2010, the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) initiated a complete review of their risk-management standards.