You see how repurchasing operations (red parts of bars) dominate in our case while the Federal Reserve and the Bank of England hold large portfolios of securities (blue parts of bars), as their non-standard measures to a large extent have aimed at improving liquidity in specific market segments by outright purchases.
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.