While these are positive steps, the feedback provided to the industry this summer after our review of the 2013 resolution plans for the largest firms suggested that quite a bit of work remains ahead on rationalizing legal entity structures, as well as in other areas, particularly: •  Developing a top-tier holding company structure that supports resolvability;  •  Establishing robust service level agreements and contingency arrangements to ensure ongoing provision of critical services among material affiliates and between material entities and third parties; and  •  Demonstrating the ability to produce, on a timely basis, reliable information about a material entity related to financial condition, financial and operational interconnectedness, and third-party commitments and contracts. 3. In the third area of our Framework – better managed – we have seen progress on several fronts, although this area remains very much a work in progress. Considering that a firm’s leadership, including the board of directors and the senior management, is ultimately responsible for the culture of the firm, and culture is a dynamic element that firms should always strive to improve, I see the work in the area of better managed as requiring on-going, sustained attention. It is impossible to achieve “perfection” in an area of art like management. I think it’s also important to acknowledge that cultures within individual firms ultimately play a role in defining the culture of the industry.
But as the Chinese saying goes, "A thousand miles begins with a single step" (). We are grateful that you have all chosen to join us to take important first step in this meaningful e-HKD journey. I know you're all eagerly waiting to hear about the potential use cases, so I'll give the floor to each pilot group to share their creative ideas. Thank you. 3/3  BIS - Central bankers' speeches