Large financial institutions have failed or had to be taken over by others, while a number of markets have exhibited increased volatility and reduced liquidity. In particular, significant tensions persist in global money markets, where market liquidity is strained and term interest rates are elevated. Meanwhile, volatility has increased in other global financial markets, particularly for equities and commodities.
  During the year in review, in collaboration with the banking sector, we put in significant efforts to accelerate the upgrading of our national payment system to  2  BIS central bankers’ speeches  enable the clearing of cheques electronically.