Horizontally, one of the Central Bank’s key strengths is its comprehensive mandate. This includes regulating the funds, insurance, and banking sectors. But also our wide macroprudential, conduct and consumer protection responsibilities. Being both the securities markets regulator and the macroprudential authority means we have a comparative advantage in terms of our assessment of risks in the non-bank sector.
This may have implications on the central bank functions which go beyond the operational and technical sphere. It is therefore important to structure the discussion along the lines of who could access the central bank ledger. We very much welcome the industry’s efforts to work on standardisation and interoperability both in the payments and in the post-trade domain.