There is also a need to close important information gaps on the rules that will govern global CCPs, including the criteria for mutual recognition of CCPs and membership conditions, as well as details on the arrangements to mitigate the concentration of risk to the CCP itself or its members. These gaps are currently limiting a more complete assessment of domestic and regional options for central clearing. The global reforms for the most part would contribute to the promotion of more consistent approaches to regulation which is an important precondition for greater financial integration in Asia. In a number of countries, the global reforms have had a role in accelerating further domestic priorities to strengthen financial resilience. Initiatives that are being advanced at the global level also work to strengthen regional financial stability arrangements. This includes putting in place more robust frameworks for the oversight of systemically important financial institutions at a regional level. Within Asia, a clear evolution of such frameworks can already be seen in the operationalisation of cross-border supervisory colleges for financial institutions with a significant regional presence. The reforms have further encouraged closer coordination and communication on financial stability developments between countries in the region. This has been borne out of common perspectives and challenges shared among countries in the region on the direction and impact of the reforms, and the need to bring forward the collective views of the region. These implications will further strengthen the foundations for regional financial integration in Asia.
I am pleased to now introduce the first President and Dean of the Asia School of Business, Professor Charles Fine. Professor Fine is the Chrysler Leaders for Global Operations Professor of Management, and a Professor of Operations Management and Engineering Systems, at MIT Sloan. He has served as a Professor at MIT Sloan for over 30 years, and has teaching experience as a visiting faculty at the Stanford Business School, the Harvard Business School and the Indian Business School. His research focuses mainly on supply chain strategy and value chain roadmapping. His work has supported the design and improvement of supply chain relationships for companies in the electronics, automotive, aerospace, communications, and consumer products industries. Kindly join me in welcoming Professor Fine. 2  BIS central bankers’ speeches