The euro/dollar exchange rate is conventionally quoted to four decimal places, so a pip is 0.0001. At the current exchange rate that is approximately equal to one basis point, allowing comparison to spreads in other markets. 11 http://www.haraldhau.com/wp-content/uploads/FX_PriceDiscrimination_in_FX_OTC_markets.pdf. The chart is based on 548, 298 trades in vanilla forward in EUR/USD involving 10,087 clients and 204 dealers between April 1, 2016 and March 31, 2017, as reported on the DTCC, REGIS and UnaVista trade repositories. 10  9  All speeches are available online at www.bankofengland.co.uk/news/speeches  9  can also be too low as well as too high. Business won at zero or negative spreads – eg to build market share – cannot be sustained in the long run, unless compensated by more remunerative returns elsewhere. Persistently compressed earnings have in the past been one factor cited as a trigger for misconduct. But these results do give some sense of the potential gains that might be available from improved understanding of FX markets, and effective use of execution technologies. How to navigate a fragmented market: disclosures, TCA and the Global Code  How can the buyside make practical progress in this area? I want to highlight three main areas for action: demanding better disclosures; seeking more effective technology; and adopting the Global Code. Effective disclosures are a necessary precondition for ensuring good service.

The implementation of this system reduces costs and the necessary time in managing cash in banks' windows, unlike the payments previously conducted in cash desks with high commissions applied on the processing between corresponding banks. Also, the use of electronic payments have recorded a positive increase. Based on the preliminary calculations by the Bank of Albania, in 2022, the Albanian citizens have conducted averagely 16 electronic payments in a year, thus considerably exceeding the 12 payments target. Absolutely, these achievements reflect the measures taken by the banking system through significantly expanding the necessary infrastructure and services in this regard. In view of these developments, the same intensity is needed for the realisation of projects, as: open banking; instant payment, and the transition to ISO 20022 communication standards, which will digitalise and modernise the overall market and will create potentials in the framework of the integration process with the European Union markets. Last but not least, we should further intensify and enhance collaboration in the framework of the National Financial Education Strategy, which is a crucial mechanism for maximising the expected effects and the implemented measures so far in view of financial digitalisation and inclusion. *** Dear banking system executives, Notwithstanding the challenges and hardships caused by the soaring inflation during this year, forecasts for the Albanian economic growth remain positive. Nevertheless, tackling this challenges needs a coordinated and carefully parametrised response, by the monetary policy instruments coupled with an effective and visionary collaboration of all market actors. Let my brief some challenges foreseen for 2023.