However, owing to the close interdependencies between financial markets, intermediaries and infrastructures, the difficulties affecting institutions and markets have also had a knockon effect on market infrastructures, putting the functioning of payment systems, central counterparties and securities settlement systems under a real-life stress test. Fortunately, as I will illustrate in a moment, EU market infrastructures have proven to be remarkably resilient, thereby limiting the overall systemic risk. In the main this has been due to the successful interaction between industry, regulators and overseers, just like – if I may – in the Italian banking sector, which has also shown itself to be remarkably resilient in the current circumstances. In the second part of my intervention, I would indeed like to look beyond the current turmoil. I will – despite the very positive overall assessment for infrastructures – point to three areas that warrant particular attention for the future of market infrastructures. The first of these is the enhancement of overall crisis management arrangements for market infrastructures. The second involves strengthening market infrastructures for OTC derivatives. And third, given the importance of retail markets to the overall stability and efficiency of the financial system, there is the need to complete the Single Euro Payments Area (SEPA). Performance of EU market infrastructures during the financial turmoil The financial market turmoil has impacted on EU payment systems, central counterparties (CCPs) and securities settlement systems mainly through intensified and more volatile market activity.

This has resulted in more active and engaged philanthropy in Asia, leading to an increased demand for more philanthropy-related advisory services by wealthy individuals and families. More of the rich are incorporating philanthropy into their wealth management plans and want professional advice in their philanthropic commitments. As a result, Asia is seeing the growth of professional and institutionalized philanthropy foundations. China alone now has an estimated 900 philanthropic entities. Key challenges remain 12. However, there remain challenges to giving in Asia, mainly because philanthropy is developing at varying stages across Asia, in line with the progress of Asian countries. There are two key issues which donors face: the nascent charity infrastructure to support donors, and weak governance practices by fund recipients. 13. In Asia, there are many causes that need championing, and many problems that need addressing. Donors planning to give in Asia have to first understand the needs of the region, decide on the cause they intend to support, identify the worthy projects, and navigate the giving procedures in each country. 14. The success of giving greatly depends on both the giver and the receiver. Clearly, throwing money at charities does not guarantee success of giving. There needs to be followthrough on the charity’s part to ensure that the money is channelled successfully to the cause. 15. The reality in Asia is that many of the domestic charities are small, and are not equipped to handle large amounts of funds efficiently and accountably.