First, let me briefly recapitulate the scope of SWIFT’s activities and operations in the global FMI, just to give the uninitiated some idea of its systemic importance and explain why regulators take such a close interest in SWIFT. A few metrics will suffice to give you an indication of the criticality of SWIFT to the operation, safety and soundness of the global financial system.
The second reason why I am delighted to be here today is that the South African Reserve Bank has a direct association with the London Capital Club. One of our former Deputy Governors, Ian Plenderleith, CBE, serves on the Board of Advisors of the Club.