But we cannot afford to be complacent and must continue to work towards ensuring these gains are sustained. Working together with the private sector, Government and the general public, we can all ensure that these gains are passed on to tangible benefits for the rest of the country and its people. The Government has been able to undertake significant reforms in the financial sector.
The Federal Reserve Bank of New York has been leading a major joint initiative by the public and private sectors to improve arrangements for clearing and settling credit default swaps (CDS) and other over-the-counter (OTC) derivatives. As a result, the accuracy and timeliness of trade information has improved significantly.