A well-functioning bond market serving a broad spectrum of international issuers and investors needs to be supported by a deep foreign exchange market, and Singapore is the largest foreign exchange market in Asia and the third largest globally. Based on the triennial survey by the Bank for International Settlements, average daily turnover reached USD 517 billion in April 2016, a 35% increase from three years ago. Our share of global market has increased from 6% to 8%. Singapore exchanges offer a suite of 21 Asian FX currency futures and option contracts. The Singapore Exchange’s Indian Rupee and Renminbi futures contracts are amongst the most liquid globally. The next decade 13 As we chart our next lap in developing Asia’s capital markets, we need to take into account trends and driving forces that will shape capital markets in the years ahead. Let me highlight three of them: 14  First, technology is transforming capital markets in significant ways. a. This is most obvious in foreign exchange, which is the most advanced in contract standardisation and market practices. New electronic trading platforms are blooming alongside mature systems, and are beginning to enter emerging markets. Technology is also enabling OTC platforms to clear on exchanges, and for exchange3/7  BIS central bankers' speeches  traded futures to be distributed on OTC platforms. b. Even in bond markets, technology is being used to improve premarket price transparency by pulling price feeds from traders directly.
Vipps’ market dominance reduces these challenges, but this assumes that all market participants will be connected to the system. This assumption may be too strict. Other payment service providers and payment solutions will also wish to enter the market on equal terms. The alias registers are important here. An alias register links account numbers to telephone numbers and other ways that identify account holders. Today, separate registers are compiled in each solution. In my opinion, there are clear advantages to having a central register that is used by all banks and other service providers in the Norwegian payment market. This should be part of a common infrastructure and not be part of private closed systems where ownership can change. A common register facilitates interoperability and high register quality. The greater the level of activity is, the more up-to-date the information is. We would also then avoid contradictory information in the various registers, which can arise, for example, when customers do not update their information everywhere at the same time. Insufficient register information may be a barrier to competition. An alias register shares similarities with a public good that should be organised as common infrastructure and be available to all service providers, for a price, if necessary. Service providers should compete on other aspects of the services they offer. I look forward to seeing initiatives from Finance Norway and Bits in this respect. It is often most appropriate for the industry to arrive at satisfactory solutions on its own.