The organisational structure for the regulatory and supervisory functions within the Bank were realigned in November 2006 to move from the previous institutional based approach, to one that integrates the Bank's regulatory functions for the different financial sectors under its purview along functional lines. The new functional based, cross-sector regulatory structure allows us to modernise the regulatory framework for both the insurance and banking sectors at a more equal pace. The increased synergies created will enable the Bank to apply the best regulatory practices in both the banking sector to the insurance sectors. Under the new structure, the Bank is able to leverage on the more advanced developments in either sector to enhance the regulatory framework for both sectors, simultaneously if possible. At the same time, it allows us to develop and train our personnel to be better equipped in the constantly changing operating environment. These efforts, will promote a more consistent regulatory regime for both the banking and insurance sectors. A positive side effect that can accrue from this move is the enhancement of public confidence on the insurance sector which augurs well towards increasing the level of insurance penetration. Achieving a more integrated approach to cross-sector regulation was relatively easy in Malaysia as Bank Negara is the single regulator for both the banking and insurance industries. In other countries, greater coordination and collaboration between separate regulatory agencies can similarly contribute towards a more consistent approach to regulation and supervision across sectors in dealing with similar risks.
First, private partnerships such as that between Clearstream and SGX, allow customers to better  BIS central bankers’ speeches  3  allocate and optimise collateral resources in Asia by enabling collateral to be managed on a fully automated and real-time basis. Second, central banks have also stepped in with cross-border collateral arrangements to permit the deployment of head-office cash and government securities to support local currency liquidity requirements of their branches and subsidiaries overseas. b.  Futurisation. Even before most jurisdictions introduce trading mandates, some segments of the OTC derivatives markets are already coming together to create exchange traded products. One example lies in Asian currency futures contracts traded on exchanges like SGX. With the introduction of new listed contracts, market participants have chosen to futurise some of their rolling forward contracts. Compared with OTC markets, exchange-traded futures have more transparent pricing, and are faster to execute and more cost effective. 14. These developments demonstrate that commercial incentives can be brought into alignment with regulatory priorities, which aim to reduce aggregate risk in financial markets and promote greater financial soundness and stability. 15. We also see promise for integration in infrastructure finance and insurance to produce exciting outcomes. 16.