The report emphasises a number of advantages: •  Electronic trading systems make it possible to manage large amounts of trading-related information. This enables all trading-related processes in the financial companies to be integrated, which in turn provides opportunities for linking together the entire transaction chain (business contracts, confirmation, clearing and settlement). This is known as straightthrough-processing (STP). •  Electronic trading also enables a greater insight into the market. This can in turn make it possible to reduce any information symmetries between different players. That is, of course, a disadvantage for those who have previously profited from the imbalances, but normally benefits the system as a whole. 1  Bank for International Settlements:, [2001], "The implications of electronic trading in financial markets". Report by a working group established by the Committee on the Global Financial System of the central banks of the Group of Ten countries. BIS Review 37/2001  1  •  Another important aspect is that electronic trading enables anonymity during trading. This often has a positive effect on the markets' method of functioning and thus their efficiency. For instance, it can facilitate settlements of large positions. •  The opportunities for access to the market can also be improved, if desired. This applies both from a geographical perspective and for different types of players. An opportunity is thereby given to influence the structure of the market in that more players with different needs can be active in many different markets. This can lead to improved liquidity and greater competition.

Niklaus Blattner: The demographic challenge – macroeconomic perspectives Summary of a speech by Mr Niklaus Blattner, Vice-Chairman of the Governing Board of the Swiss National Bank, at the Conference "Die alternde Gesellschaft als sozio-ökonomische Herausforderung" (the aging society: a socio-economic challenge), University of Basel, Basel, 9 February 2007. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Demographic aging, i.e. the growing average age of the population, or the reversal of the age pyramid, is also a matter of concern for a central bank. Without a careful analysis of the long-term developments in the real economy, any monetary policy assessment, and consequently any inflation forecast, will be inadequate. In addition to the activities in the money and capital markets, the longterm growth outlook – and thus also the population perspectives – are factored into the Swiss National Bank's monetary policy assessment. The aging of the population is a fact. It is linked to three main trends, which will greatly influence Switzerland's demographic landscape in the decades to come: first, the economically active population will decrease, second, the old-age ratio, i.e. the ratio of people over 65 to those between 20 and 64 is on the rise, and third, longevity is increasing. In future, Switzerland will have to produce more with fewer resources. "Fewer resources" because the economically active population is declining, "produce more" because the old-age ratio is worsening and longevity increasing.