However, the existing market dynamics with dominant leaders, coupled with standardization, are bound to have a considerable impact on switching costs and network effects. These would run counter to the long-term objective of enhancing market access with evolving technology. I believe that it is safe to say that the more an industry depends on interoperability, the more the standards will be evidenced.
And the other concerns the balance between the regulation of individual institutions and the goal of systemic stability. Concerning the “style” of supervision, public authorities have become increasingly aware of the need to make regulation conform to market realities, rather than the other way round.