I’ll begin with an overview of the market’s basic structure, including some historical perspective on how that structure has evolved over time. I’ll then turn more specifically to the subject of electronic and automated trading – a topic that has become increasingly important across many markets, including the market for U.S. Treasuries. I will then review the intraday volatility witnessed on October 15 of last year. As you all know, October 15 was a highly unusual day in the Treasury market, particularly given the very sharp round-trip in yields that took place mid-morning with no obvious immediate trigger. I will conclude with a few words on the updated best practice recommendations from the Treasury Market Practices Group (TMPG) in light of the changing market structure, and some observations on how you, as primary dealers, are expected to help promote the market’s efficiency and integrity. As always, the views I express are mine alone and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System. Background The Treasury market is the largest and most liquid sovereign debt market in the world. There are about $ trillion in marketable securities outstanding, and primary dealers trade an average of around $ billion every day with their clients and with other parties.2 Treasury securities play a variety of roles in the U.S. economy. They are, of course, the federal government’s primary vehicle for financing the federal deficit and refinancing maturing debt.
Zeti Akhtar Aziz: The development of Islamic finance Welcoming address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Global Islamic Finance Forum 2010, Kuala Lumpur, 25 October 2010. *  *  *  These are defining moments in the development of Islamic finance. In this current global economic environment of extraordinary challenges and uncertainties, Islamic finance is becoming very much a part of the journey to bring the world towards a new level of stability, prosperity and international integration that is inclusive. Whilst Islamic finance has come a long way and is set to continue its growth trajectory, new capabilities and strategies are needed to tap the immense opportunities from the growing internationalization of Islamic finance. It is my great pleasure and honour to welcome you this morning to this Global Islamic Finance Forum (GIFF) 2010. Allow me to express our gratitude to Duli Yang Teramat Mulia Raja Dr. Nazrin ibni Sultan Azlan Shah for gracing and addressing our gathering today, and to the Honourable Prime Minister of Malaysia, Yang Amat Berhormat Dato’ Sri Mohd Najib bin Tun Haji Abdul Razak for officiating this important forum. Since the dawn of this 21st century, Islamic finance has undergone the most dramatic transformation to its landscape. This period in the history of Islamic finance is remarkable for its many significant milestones and for the rapid growth that has been sustained.