Benoît Cœuré: The Single Resolution Mechanism – why it is needed Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the ICMA Annual General Meeting and Conference 2013, organised by the International Capital Market Association, Copenhagen, 23 May 2013.
BNYM is unique in that it also plays the dominant—and soon the sole—role in government securities settlement and in the triparty repo market. These activities are comparable in their importance to those of the financial market utilities that have been designated as systemically important by the FSOC.