050  UK  US A  C a n a da 1  10  100  1 , 000  Po p ul at io n m illi illio o ns ( log sca calle )  BIS Review 33/1997  - 15 -  Figure 7  i n t er es t ra t es  b r an ch n et w or k  ba nk i n g su p e r v i s i o n ECB Fr a nce G er m an y  p a y m en t sy st e m  govve rn men t go de bt  UK  PBOC  interest 1 3  2  branch 0.2  banking 3  1  0  payment 1  government 1.8  BIS Review 33/1997  - 16 -  DATA system  UK US France Germ any Japan Italy Canada  rates supervision debt interest banking governm ent paym ent 1 3 1.8 3 1 0.5 3 1.9 0.1 3 2 1 1.5 1 0.1 3 3 1 3 1 1  system  Hungary Poland Slovenia Czech republic Slovakia Rom ania Bulgaria Russia  rates supervision debt interest banking governm ent paym ent 3 1 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 rates supervision debt interest banking governm ent paym ent 3 0.1 0.1 3 1.9 0.1 3 2 1 1 3 1.8 interest banking governm ent paym ent 1.5 3 1  system  ECB France Germ any UK PBOC  netw ork branch  1 2.5 2.5 3 2.5 3 0.5  0.1 1.5 3 2 2.5 3 2 netw ork branch  1.8 2 3 3 1.9 3 2 2  2 3 3 3 3 3 1.5 3 netw ork branch  1 2.5 3 1  0.1 3 2 0.2 branch  3  3  BIS Review 33/1997  - 17 -  Country  Banker to Banker to LOLR governmenbanks (clearing)  Banking Securities FX Interest Supervision settlement management rates  Britain France Germany Ireland Italy Netherlands Spain Sweden Switzerland  Y Y Y Y Y Y Y Y Y  n Y Y Y Y Y Y Y Y  Canada Japan USA  Y Y Y  n Y Y  N N n  Australia NZ  Y Y  Y Y  Czech Hungary Poland Romania Russia  Y Y Y Y Y  Y Y Y Y Y  Y  Y  Y  Y Y Y Y Y Y Y Y N  Y  Independence Debt 3rd co Staffing management purpose  Y Y Y  N Y Y  Y Y Y Y Y  Y y Y  N Y YY Y Y Y Y  Y  Y  Y Y Y  n Y  N Y  N N N  2,220 4,800 25,465  45 12  Y y  Y Y  y Y  y Y  N N  1,648 300  0  Y N Y Y Y  Y Y Y Y Y  Y Y Y Y Y  Y Y Y Y Y  Y N Y Y Y  Y  N  y N n N n N n N  Y  3,425 15,220 17,519 574 9,445 1,540 3,262 760 575  Branches  1,523 6,188 52,042  0 200  14 8 49 41 79  BIS Review 33/1997  - 18 -  Popl'n India Japan Romania UK Canada Spain Australia Netherlands USA Poland Italy Germany France Russia 1/3000 line 1/30,000 line  125 22.7 58.4 29.2 39.1 17.8 15.4 261 38.5 57.1 81.5 57.9 148  Gross expenditure  0.037 0.030 0.052 0.054 0.029 0.188 0.099 0.132  Popl'n 850 125 22.7 58.4 29.2 39.1 17.8 15.4 261 38.5 57.1 81.5 57.9 148 1 3  StaffP per cap.

For introducing this FSR, we are extremely fortunate to gather an exceptional panel: •  An outstanding US lawmaker: Senator Dodd, thank you, it’s a privilege to welcome you today;  •  A prominent regulator: Paul Tucker, Deputy Governor of the Bank of England, in charge of Financial Stability. Paul, you also chair the Basel Committee on Payment and Settlement Systems and co-chair the CPSS/IOSCO Steering Group on central counterparties: your views on the subject are particularly sharp;  •  Two top market practitioners: Michael Bodson, President and CEO of DTCC and Craig Overlander, CEO of Société Générale Americas. You will provide us with the “insider” vision. •  A distinguished academic, who specialized notably on counterparty risk and OTC derivatives: Manmohan Singh, from the IMFThank you all for being with us today. As you know, for our FSR issues, we always try to pick up topics which are both analytically complex and relevant to current policymaking. This is clearly the case with this issue: the crisis has led the G20 leaders to commit to changing the rules for over-the-counter derivatives markets, with a view to strengthening their security and transparency. First, strengthening security: all sufficiently standardized derivatives should be subject to mandatory clearing through a central counterparty in order to reduce counterparty risk and foster market liquidity. Second, on transparency, the aim is a registration of all transactions with trade repositories to provide authorities with a consolidated overview of derivatives trading.