In April, G20 Finance Ministers asked the Financial Stability Board to consider how the financial sector could take account of the risks climate change poses to our financial system. In response, the FSB initiated the plan to set up an industry-led disclosure task force on climate-relate risks in 2016. This initiative was welcomed by the G20.
The SEC is now in the process of devising a set of rules and a standard “repo” agreement to underpin the “repo” market. Let me concede that the promotion of a vibrant secondary market for government securities has proven to be a major challenge for developing and emerging market economies.