You cannot change the rules as you go along. That to me, is very essential. So at the moment we are trying to make those rules very clear to all the market players in various forms. We have already done so in most of the markets, in the foreign exchange market, in the fixed income markets, and I think the SEC is now trying to establish the rules in the equity market. Once all that comes together I think you will see a significant improvement in the way our entire financial sector operates and hopefully that will be the main conduit for financing of development in the years to come. So this deals more or less with the challenges we have in the financial space and our efforts to ensure financial stability. But really, it is the third objective, which is the economic development of the country that I wish to spend a few minutes on today. This is the area, which, for various reasons central bank has engaged and disengaged over the years and decades. Basically, the bank took a backward step about fifteen to twenty years ago and very understandably so, because that was the time when the war was raging and we had our own problems to contend with, particularly in-terms of ensuring stability. Therefore the central bank did not pursue aggressively a strategy of engaging with the rural sector and with the broad development of the entire country.
In so far as financial markets are concerned, these recent times have seen us avoid major and abrupt market movements or disruptions. Besides the 2016 measures that stabilised our markets, this growth is also the result of the many initiatives implemented since then. One key fundamental strategy has been our steps to enhance market transparency and visibility, which provides us with information and data for targeted development efforts. The operationalisation of the RENTAS Segregated Securities Account which enables us to observe the activity in the Malaysian bond market has also provided investors with improved efficiency and a reduced reporting burden, lowering the cost of investing in this area. On this topic, I am pleased to share that on Monday this week, Clearstream launched their revamped solution which will provide an internal settlement link to facilitate greater access to the Malaysian market. They now rejoin a host of International Central Securities Depositories and Global Custodians that provide such access. This is yet another positive development for our financial markets. With greater oversight capabilities, we were able to introduce the dynamic hedging programme in 2016, which successfully enabled institutional investors’ active management of their foreign 1/4  BIS central bankers' speeches  exchange exposures in the onshore market. The programme currently records participation of 104 registered institutional investors managing USD37 billion total asset under management, and has led to the migration of these investors’ former offshore strategies to the onshore market which has increased the level of transparency and orderliness of the ringgit market.