Today’s FX market is very different in its pace, the composition of its participants and its size from the mid-1990s of the Allsopp report. Today’s trading reflects more high-frequency, algorithmic trading; a wider range of financial participants, like hedge funds; and higher overall volumes. In response to those changes, CLS worked diligently with industry and the regulatory community to launch the CLS Aggregation Service (CLSAS), a joint venture between CLS and Traiana, in 2010. •  The service aggregates spot FX trades to support high-volume, low-value transactions, one of the fastest growing segments of the FX market. And in light of volume growth, CLS has also engaged its stakeholders to help them better understand their own capacity needs and to ensure that both its members and the CLS settlement service are able to manage even further growth as the FX market continues to evolve. Third, resilience in difficult times. Following the collapse of Lehman Brothers in September 2008, while market sentiment deteriorated rapidly and money and capital markets were brought to a virtual standstill, the foreign exchange market continued to function effectively. Many have attributed this to the role played by CLS. And more recently, CLS remained a reliable market infrastructure during and in the wake of Superstorm Sandy. As you know, the Superstorm disrupted this celebration, and my colleague, Sandy Krieger (no relation), who was to deliver these remarks could not make it this evening, but sends her warm regards.

Under this working group, policies have been developed to improve the business environment for SMEs, build SME management capabilities, enhance access to markets, promote innovation, enhance access to financing and encourage sustainable business practices. Successful projects implemented in 2009 include the replication of business counselor training programmes across the region and the development of strategies for enhancing the competitiveness of small trading houses and exporters. Under the Memorandum of Understanding entered into by various APEC financial institutions dealing with SMEs in 2003, many more financial institutions have benefitted from increased trade facilitation, transfer of knowledge, expanded cross-border growth opportunities and information sharing. Conclusion Let me conclude my remarks. The importance of SMEs in APEC economies is clear. However, while their large numbers make them important to the economy, it is their potential that places them at the centre of the economic transformation agenda. Support for SME development requires cohesive and cross-cutting strategies which encompasses the collective efforts of the financial sector, the Governments and SMEs themselves. In the global economy, common strategies that are well coordinated across borders would facilitate the participation of SMEs in the globalisation process. The ultimate goal is to promote entrepreneurship and develop an environment favourable to SMEs that will allow them to become more competitive in both the domestic and international markets. In closing, I would like to congratulate the Association of Banks Malaysia for hosting this event and encouraging wider international dialogue on important developments affecting SMEs. I wish you a productive and successful Conference. 4  BIS Review 98/2010