For release on delivery 12:00 p.m. EDT September 26, 2019  Government of Union: Achieving Certainty in Cross-Border Finance  Remarks by Randal K. Quarles Vice Chair for Supervision Board of Governors of the Federal Reserve System Chair Financial Stability Board at Financial Stability Board Workshop on Pre-Positioning, Ring-Fencing, and Market Fragmentation Philadelphia, Pennsylvania  September 26, 2019  Regulatory and supervisory colleagues, members of the Financial Stability Board’s (FSB) Resolution Steering Group (ReSG) and Standing Committee on Supervisory and Regulatory Cooperation (SRC), representatives from academia, and the private sector: Thank you for being here, and for taking part in today’s workshop on prepositioning, ring-fencing, and market fragmentation.
The overwhelming majority, over 90 per cent, of the investment has been by publicly listed companies (Graph 1). The investment has been predominately in iron ore, coal, oil and gas (mainly LNG), with these four commodities accounting for 84 per cent of the investment in physical infrastructure during the boom.