London’s pre-eminence in certain key financial market segments For decades, Europe’s leading financial centre has been the City of London and, in some notable areas, the EU’s financial ecosystem has relied heavily on services provided by UK-based banks and market infrastructures. Derivatives clearing – a critical segment of financial markets – is a striking example. As of December 2019, almost 90% of all over-the-counter (OTC) derivatives positions taken by euro area institutions were cleared at UK global clearing houses. Derivatives clearing is not the only example, however. Large investment banks operating from London play a significant role in euro area bilateral OTC derivatives markets. In August last year, over a quarter of uncleared OTC derivatives held by euro area institutions were sourced from the United Kingdom. While the activities of these investment banks were considered unlikely to create financial stability risks in a hard Brexit scenario (also thanks to the temporary measures taken by EU and national authorities), they are still relevant to the provision of liquidity to euro area markets over the longer term.1 UK-based investment banks are also key providers of advisory and financing services related to securities issuance, M&A activity and syndicated lending to euro area clients. They play an active role in debt and equity issuance for euro area non-financial corporations, including book running and underwriting services. Between 2012 and 2018, almost half of all debt and equity issuance for euro area non-financial corporations was carried out by global banks serving our market from London.

Marzunisham Omar: Supporting the robust growth of Islamic finance in Malaysia Welcoming remarks by Mr Marzunisham Omar, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at Malaysia Country Showcase - IFSB Summit 2017, Kuala Lumpur, 22 October 2017. * * * Welcome to Malaysia Country Showcase. I would like to express my sincere appreciation to all of you for being here today. I hope that today’s showcase will enhance your understanding of the critical role that professional ancillary services and talent development institutions play in supporting the robust growth of Islamic finance in Malaysia. Indeed, these professional services, which include Shariah consultancy, legal, accounting and talent development, are an integral part that make up Malaysia’s vibrant Islamic finance system. With Islamic finance fast gaining a strong foothold in many countries, Malaysia hopes to be able to contribute to this dynamic phase of Islamic finance development by providing an array of reliable, high quality professional services; one that is backed by decades of experience. Today, Malaysia has a competitive Islamic finance that forms part of the mainstream financial system. Islamic banking assets now account for 28% of Malaysia’s total banking assets, while more than half of our bond market comprises sukuk. We have a diverse range of Islamic financial institutions, both domestic and foreign, which provide competitive, innovative products to meet the varied and unique needs of individuals and businesses. What we have today was not built overnight. The Islamic finance journey in Malaysia has been long and its beginnings were humble.