In my talk this afternoon I want to focus on one element of the G-20 reform agenda: building robust financial market infrastructure. That infrastructure includes a number of components: payment and securities settlement systems, trading venues and exchanges, information and price providers, and collateral management systems.
For the most part, these key elements not only functioned well during the crisis, they were in fact a source of strength. Just after the onset of the crisis, the CLS Bank, which settles foreign exchange transactions, successfully processed roughly three times its normal daily volume of transactions; and CDSX, which clears and settles trades in Canadian-dollar-denominated debt securities, handled double its normal volume.