Resilience and innovation in post-trade Speech given by Dave Ramsden, Deputy Governor for Markets & Banking  The Association for Financial Markets in Europe 12th Annual European Post Trade Conference, London 8 May 2019  1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Introduction I’d like to start by paying tribute to Simon Lewis and his nine years of tireless service as CEO of AFME, which he has announced will be ending this autumn. I’d like to wish him every success for the future. I’m delighted to be here at today at the AFME post-trade conference. This is my first AFME European Post Trade conference, but I believe it’s your 12th. There has been a lot of change in the European post-trade1 space over those 12 years. Post-trade has traditionally been a little in the background – a part of the financial system we might refer to as plumbing – sometimes out of view, but absolutely critical for functioning. Today, various developments have brought post trade to the fore, and made it an increasingly exciting space to be involved in. I’m going to focus on technological developments and also resilience, two themes which resonate with my responsibilities at the Bank and my priorities for 2019. The Bank’s involvement here spans two levels – of soft and hard infrastructure. On soft infrastructure we can think of the Bank’s regulatory approach, led by our policy committees – FPC and PRC, and the Financial Market Infrastructure Board, and the rules it makes and standards it sets.
This will come to the fore over the course of the next five years. Creating conditions for development involves: introducing a system of individual pension capital – essentially a voluntary system for individuals; developing non-bank financing and the bond market; developing the capital market – in essence, creating long-term money for the country. At the moment we don’t have long-term money, and so we must and will be doing everything we can to create it. Further development of the payment system will involve a smooth transfer of the salaries of public sector employees and social payments on to a card system called “Mir". To make this transfer smooth and orderly is our task for the near future. We will also be aiming to expand the acceptance of the Mir card outside of Russia. We have already begun plans and arrangements with other countries on this front. Finally, I will return to the topic of financial technology development – I have also spoken about 2/3  BIS central bankers' speeches  this previously. The development of financial technologies will in large part determine the specific actions to be taken by us in the coming years. This will involve active joint efforts with businesses. Legislative support is also important here, particularly in terms of remote authentication, which will make new technologies and digital technologies possible. This implies a transition to electronic document workflow in the financial market.