At a more structural level, the BOT can also act as a catalyst to help enhance competitiveness and augment economic adaptability. One key avenue is through fostering financial sector development. Here, the main thrust of our policy focus will be to enhance the effectiveness of the financial sector in serving as intermediaries of capital through further liberalization. The aim is to achieve improvements in four key dimensions. They are: (1) greater financial innovation and expansion of available financial instruments; (2) broader choice of services to suit households and firms’ needs; (3) lower costs of such services; and (4) improvement in financial access. Starting with the banking sector, which plays the most prominent role in our financial system, we will be taking steps to enhance competition. In the spirit of progressive liberalization under the ASEAN Economic Community (AEC), Thailand’s formula for the banking sector will be guided by the second Financial Sector Master Plan. This year, we enter the second phase of this plan, which would allow existing foreign bank branches and subsidiaries up to a maximum of 20 branches and 20 off-premise ATMs. New service providers may be allowed under a restricted license to close any remaining gaps in the system. In the final phase in 2014, additional new licenses may also be considered. Complementing this push will be efforts to boost financial market development through a more streamlined capital account and foreign exchange regulatory regime.
William C Dudley: The evolving structure of the US Treasury Market Conference – welcoming remarks Welcoming remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the evolving structure of the US treasury market conference, Federal Reserve Bank of New York, New York City, 20 November 2015. *  *  *  Frank Keane, Michael McMorrow, Joseph Tracy and Nate Wuerffel assisted in preparing these remarks. It is my pleasure to welcome you to this conference on the evolving structure of the U.S. Treasury market. As you all know, the Treasury market plays a unique and crucial role in our economy, and in global financial markets more broadly. Treasury securities serve as a liquid investment and hedging vehicle for global investors, a ready source of collateral for many financial transactions and serve as a risk-free benchmark for other financial instruments. The Treasury market is important for the Federal Reserve’s implementation of monetary policy and also is a focus here at the Federal Reserve Bank of New York in our statutory role as the Treasury’s fiscal agent. The Treasury market also helps to underpin the U.S. dollar’s status as the global reserve currency. And, of course, it is the primary means for borrowing to finance the U.S. federal government. 1 In recent years, the structure of the Treasury market has changed significantly. Trading has become increasingly electronic, and, in many cases, highly automated.