Similarly, the Appointed Overseas Office framework which was expanded in 2017 has facilitated wider access to the Malaysian market. The launch of the AOO pilot programme in August this year has further enhanced market liquidity and reduced transaction costs for larger volume transactions by allowing inter-AOO squaring of positions for more efficient price discovery. With 168 AOOs from 22 banking groups operating in 36 countries, market access to the onshore Malaysian markets continues to grow. To meet the need for continuous communications with investors, market participants and intermediaries alike, the Bank developed dedicated webpages for investors interested in the developments of the Malaysian financial market. There are continuous updates on what is new in our markets, and important updates on Foreign Exchange Administration rules that market participants may use as a point of reference in their ringgit dealings. Many of these initiatives focus on increasing efficiency, access and transparency. However, the reality is that markets will always be imperfect. In the 1970s through to the 1990s, we were told that financial markets can be relied upon to be efficient, that prices will reflect all available public information and hence appropriately reflect the fundamentals of an instrument or asset. Regulators were asked to leave markets alone. Liberalisation and deregulation were the two key themes and policy push on emerging markets that would enable the development of liquid financial markets. Then in the 1990s, the Asian Financial Crisis happened. Together with liberalisation and deregulation came excessive speculation and destabilising capital flows.
Many of our banks have embraced sustainability goals while our Islamic Banks are striving actively to adopt Value-Based Intermediation; banking and financing based on Principles of Shariah that encompass not just sustainability but also the wider goals of Maqasid Shariah and social economic well-being. Financial markets should not be left behind. We should strive to work towards adopting sustainable and ethical practices where we can in the Malaysian financial markets. Extra support can be given to market activities that nudge the economy towards sustainable development, inclusivity and social welfare. Again, the industry can think of ways and means of how you can play a role in this. Lastly, having experienced heightened uncertainties in recent years, we continue to need to  improve the financial market environment to ensure that markets are resilient against any form of shock. A part of this is that market players themselves need to be agile. This has become a necessity in the landscape of the financial world today which has shorter visibility on what we can expect due to the ever changing nature of the financial markets. The ability to adapt and react immediately is a must to thrive in future years. Data science analytics and greater expertise will increase the agility of financial institutions to acclimatise to not only new demand but also new regulations or developments. Alongside that, the development of talent with forwardthinking capabilities would be instrumental in elevating the quality of financial services.