10  https://www.mckinsey.com/industries/financial-services/our-insights/talent-in-wholesale-banking-building-a-sustainable-competitiveadvantage 11 https://www.ft.com/content/c8c79254-bb33-11e8-8274-55b72926558f 12 https://www.ft.com/content/1c3e8d8a-6a70-11e8-aee1-39f3459514fd 6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6  Figure 4: Average female representation across UK financial services13  More, broader, market participants means a wider range of potential employment opportunities for those keen to join the market. Workforce diversity differs across sectors (Figure 4) and across firms within sectors. But it also means that service providers need to get better at relationship management, investing more in understanding increasingly diverse customer needs. It is striking, for example, that portfolio managers in Asia are twice as likely to be female (Figure 5); and the gender mix of retail FX trading in Europe – a rapidly growing market segment – is approaching 50/50 (Figure 6). It would be too simplistic to say that service providers need to be as diverse as their customer base. 14 But recruiting from a broader diversity pool and hiring people with different life experiences helps firms understand the mindset of their clients better, improving customer engagement and ultimately increasing returns. 13  https://newfinancial.org/wp-content/uploads/2016/06/Women_in_UK_finserv_2016_FINAL.pdf See for instance, p.11 of the 2016 CFA report on gender diversity in investment management at: https://www.cfainstitute.org/en/research/survey-reports/gender-diversity-report 14  7  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  7  Figure 5: Female representation in portfolio management by region15  Figure 6: Gender breakdown of retail FX traders16  My final point is on culture. Public authorities and firms right across the financial spectrum have put an enormous amount of effort into culture change in recent years.

Cumulatively, these developments have strengthened further the international financial linkages between different jurisdictions and have contributed towards the more efficient allocation of resources across borders. This recent global financial crisis has highlighted the risks associated with financial globalisation. Equally important in the process of internationalisation is therefore the quality of this financial globalization in Islamic finance. Let me touch on two aspects of the financial globalisation of Islamic finance. Firstly, that Islamic finance has been more inclusive in terms of its outreach to not only the participation from the developed world but also from the emerging world, particularly from Asia and the middle-East. This leads to diversification and  BIS Review 20/2010  1  avoids risk arising from over concentration in particular jurisdiction. Moreover, with the relatively better growth prospects in the emerging world, strengthening the economic and financial inter-linkages among the emerging world would mutually reinforce these prospects. The increasing role of Islamic finance in bringing together different parts of the emerging world, and enhancing its links with the developed world would facilitate further this globalisation process. The second aspect relates to the current increased global engagement by the international community to drive the financial reform agenda. As part of this process, it is important for this engagement to be extended to the prudential standard setting entities for Islamic finance as Islamic finance becomes a growing component of the international financial system.