They can be addressed within different time frames and following a logical sequential order, so long as the commitment to address all four of them is unwavering. In my remarks today, I would particularly like to elaborate on the rationale and principles for establishing a Single Supervisory Mechanism.
We are pleased that such a wide range of public and private sector stakeholders have joined us today to discuss the key risk management challenges in central clearing. Considering the increased concentration of financial risk in CCPs, this is clearly an important issue.