We continue to monitor developments in this area and so far have BIS central bankers’ speeches  7  not mandated central clearing/reporting. This is a difficult issue for a small country where the relevant FMIs sit in offshore jurisdictions. It underlines the increasingly global nature of payments, and the need for our payments oversight function to be seen in the global context.
Conclusion The payments industry landscape is more fast-changing than ever, with customer preferences and technology advances driving innovation in the retail space and international regulatory developments adding further impetus for change in wholesale FMIs. Increasing complexity and use of the internet are adding to risk in retail systems which must be managed carefully by system participants.