And these issues are precisely the object of the regulatory  2  BIS central bankers’ speeches  reforms we have been pursuing, essentially to enhance price discovery, promote responsible market conduct and enable product innovation. Our market infrastructure – from pre to post-trade activities, for both payments and transfers – is yet another area which regulators have been focusing on.
While there are ongoing crossborder initiatives, the main policy driver is still efficiency within an integrated market. Thus, we look to harmonize applicable processes across products and define standards, as may be warranted. Developing the proper market infrastructure is now high on the priority of the Financial Sector Forum and the Financial Stability Coordination Council.