In this aspect, we need to establish effective co-operation arrangements among national and transatlantic supervisory authorities to develop common practices of supervisory structures in financial services, including common reporting and risk management standards without loosing sight of legitimate regional supervisory priorities.
We could make a parallel to the success of the CLS system, which indicates the possible benefits in reduced risk and increased efficiency in global financial services. CLS also suggests that we should not lose sight of the global dimension; in particular, Asia is a large and rapidly growing part of the financial markets.