The April 2012 CPSS-IOSCO principles, agreed by central banks and securities regulators worldwide, have strengthened respective international requirements. Similarly, at EU level, the new European Market Infrastructure Regulation (EMIR) provides for the close involvement of central banks of issue, such as the ECB, and central bank overseers in the ongoing oversight of central counterparties (CCPs).
While we do not yet know exactly what is driving it, several ideas have been advanced. Generally, these are related to either globalization or the digital economy. Let me review some of these ideas. Globalization Globalization could affect prices in a few ways. An obvious one is linked to the movement over the years toward more open trade.