This guidance will be finalised by the G20 meeting this July, with further work on the potential requirements for additional resources in resolution, in 2018. Supervisors, too, will need to keep pace with the growing importance of financial market infrastructure given its importance to both domestic and international financial stability. The Bank of England is the supervisor for financial market infrastructure firms incorporated in the UK – including those that provide truly global infrastructure. The Bank supervises eleven FMIs including some of the largest CCPs in the world (LCH and ICE Clear Europe respectively, by initial margin). As the world’s leading international financial centre, over a quarter of global clearing takes place in the UK. 18  We take this supervisory responsibility very seriously – as we do the need for our supervision to keep pace with the growing systemic importance of this infrastructure. Given London’s role as an international financial centre our aim is to be at the leading edge of supervision of key infrastructure. Over the past few years we have been reinforcing our capacity and capability precisely to that end. And we will continue to do so. Our annual report to Parliament will be published today. It sets out how we have discharged our supervisory responsibilities for FMIs over the past year – both through our core assurance programme and our forward-looking assessment of risks – in order to promote and enhance UK financial stability. It also sets out our priorities for the current year and beyond.

Second, although there is purely national infrastructure in most countries, the main pieces of cross border financial infrastructure are truly global. For example:   CLS operating out of New York processes nearly a million FX transactions in 18 currencies for over 60 members worldwide on a daily basis, with an average daily value of $    4  The SWIFT messaging service based in Belgium services more than 11,000 institutions worldwide, operating in over 200 jurisdictions. In 2015 it processed approximately 6.1bn messages.   Euroclear, based in Belgium, provides services in 51 settlement currencies for more than 2,000 clients in over 90 countries.   5  6  Clearstream, based in Luxembourg, serves 2,500 customers in 110 countries, settling more than 250,000 transactions daily. 7  4  https://www.cls-group.com/Membership/Community/Pages/CLSMembers.aspx https://www.cls-group.com/About/Pages/default.aspx https://www.cls-group.com/MC/Pages/NewsArticle.aspx?nid=187 5 $ 6 https://www.euroclear.com/dam/PDFs/Corporate/Euroclear-Credentials.pdf 7 http://www.clearstream.com/clearstream-en/about-clearstream/who-we-are 4  All speeches are available online at www.bankofengland.co.uk/speeches  4    CME Group in Chicago has customers in more than 150 countries and handles 3 billion contracts worth approximately $ quadrillion annually.   8  Eurex Clearing in Germany has more than 180 clearing members in 17 countries, clearing contracts denominated principally in Euro, and Swiss Franc.   9  LCH SwapClear clears more than 95% of the global cleared OTC interest rate swap market, has over 100 clearing members, over half of which are based outside of the EEA, and clears in 18 currencies.