In 2021, the FOMC introduced the Standing Repo Facility and the FIMA Repo Facility.6 These standing facilities are priced such that they are not used often in normal times but remain ready to provide liquidity as needed should funding pressures arise. We also must continue to prioritize having a robust financial system, and that starts with the most core market of all: the U.S. Treasury market. The Inter-Agency Working Group for Treasury Market Surveillance is doing just that. Ahead of today's conference, the group published a progress report around its work to enhance the resilience of the U.S. Treasury market, which I strongly encourage everyone to read.7 The report emphasizes progress made on the proposed expansion of central clearing, enhancements to data collection and transparency, and the potential for evolution in market structure. It's also important to recognize that the world is not static. The Treasury market has increased enormously over the past quarter century, and the key players have changed significantly. And the rest of the financial system continues to evolve, with nonbank financial institutions (NBFIs) playing an increasingly important role. The Financial Stability Board has been actively engaged in this space, assessing global trends and risks through a monitoring exercise and developing policy recommendations to strengthen oversight and regulation.8 Here at the New York Fed, we too are deepening our expertise and monitoring of NBFIs. 3/4  BIS - Central bankers' speeches  But this is not just a job for the official sector.

Heng Swee Keat: Financial developments in Singapore Opening remarks by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore, at the press conference on the Monetary Authority of Singapore’s Annual Report 2009/10, Singapore, 29 July 2010. *  *  *  Strong recovery from the recession 1. The Singapore economy has recovered strongly from the recession. Five quarters since GDP reached a trough, Singapore’s output has exceeded its pre-crisis peak by 13.3%. The rapid climb from the trough can be traced to several inter-related factors. In particular, the domestic economy had been lifted by the cyclical upturn in global trade and financial market conditions since early 2009, supported by inventory restocking and unprecedented policy stimuli in the major economies. Given its openness and competitiveness, Singapore was in an especially strong position to benefit from these global forces through our externally-oriented sectors. In addition, investments made in the earlier years were completed in time to tap onto the global upturn. These investments introduced new activities in Singapore’s economic landscape, including high-end manufacturing and tourism services, and strengthened the competitiveness of our existing industries. 2. Global markets also recovered strongly after March as the financial system stabilised and investor confidence recovered. Taking into account translation effects stemming from the stronger Singapore dollar, interest and dividend income, as well as gains in the valuation of assets, MAS recorded a net profit of $ billion during the financial year. 3. Looking forward, considerable risks remain in the global economy and the global financial system.