2  BIS 2013 Triennial Central Bank Survey. The Triennial Survey is coordinated by the BIS under the auspices of the Markets Committee (for the foreign exchange part) and the Committee on the Global Financial System (for the interest rate derivatives part). The latest survey of turnover took place in April 2013. Central banks and other authorities in fifty-three jurisdictions participated in the 2013 survey. They collected data from about 1,300 banks and other dealers in their jurisdictions and reported national aggregates to the BIS, which then calculated global aggregates. The survey, among other things, provides data on turnover, instruments, counterparties, and currencies, which are referenced in this speech; http://www.bis.org/publ/rpfx13fx.pdf. 3  SIFMA US Bond Market Trading Volume; http://www.sifma.org/research/statistics.aspx. 2  BIS central bankers’ speeches  Changes to market structure The foreign exchange market is a dynamic market with a long history of change and innovation. Today, I would like to focus on two of the more significant recent changes in the market’s structure: first, the broadening of participation, and second, how execution is taking place within the market. Participation in the FX market The broadening of participation in the foreign exchange market is one reason why growth in FX trading volumes has far outpaced growth in global trade. The BIS Triennial Survey on foreign exchange market activity provides evidence of the degree to which this expanded participation is taking place. 4 Traditionally, volumes in the foreign exchange market were dominated by what is known as the inter-dealer market – trading between dealers.
I think this approach provides synergy; employs joint resources and enables more efficient achievement of the vision that we all share. I am pleased that we will formalize our commitment and readiness for joint action with the first Memorandum of Cooperation in the field of financial education and financial inclusion in Southeastern Europe. We must all strive to be strongly committed, not only to declare, but also to enable efficient implementation in practice. No doubts I have, that this will be the case. At the end of my address, on behalf of all the stakeholders, I would like to express sincere gratitude to INFE-OECD and EFSE for their support all these years. It is unquestionable that many of the activities we have taken so far would have been difficult to carry out without their support. I truly hope that we justify the trust given to us. The mission that we have is important, as by supporting financial literacy, we support provision of public good. In doing so, we must not forget that “Financial literacy is not an end in itself, but a step-by-step process. It begins in childhood and continues throughout a person’s life all the way to retirement” – George Karl. Therefore, we must be consistent, inclusive, committed and patient while playing our role in the financial education of our society. I wish you a successful and fruitful meeting. Thank you. 3/3  BIS central bankers' speeches