While such changes are by definition less spectacular, what could appear as “soft developments’” can sometimes lead to considerable improvements in terms of market safety and reliability. Take the example of the reference rates, notably in interest rate or FX industry.
*  *  *  Ladies and gentlemen, It’s a great pleasure for me to have been invited to speak at this conference of the Banco de México. Especially so as this event marks the 20th anniversary of its autonomy. And I gladly congratulate the Banco de México on this important milestone.