5  See, for example, Jerome H. Powell (2013), “OTC Market Infrastructure Reform: Opportunities and Challenges,” speech delivered at the Clearing House 2013 annual meeting, New York, November 21; and Ben S. Bernanke (2011), “Clearinghouses, Financial Stability, and Financial Reform,” speech delivered at the 2011 Financial Markets Conference, a meeting sponsored by the Federal Reserve Bank of Atlanta, held in Stone Mountain, Ga., April 4.
BIS central bankers’ speeches  3  The road ahead: meeting the challenges As you can see, central clearing represents the confluence of critical market infrastructure and systemic financial institutions. As a result, the regulation and supervision of CCPs present particular challenges. What matters most is the stability of the entire system, not that of one sector or another.