Given the severe stress, and how it was transmitted across borders, it would have been easy, and incorrect, to decide that the future lay in protectionism, barriers and more closed national systems. That would have been the wrong way to go. Fortunately, world leaders at the G20 made the choice to keep the system open, avoid fragmentation, with the cost and risk that brings, and instead chose stronger international regulatory standards and a much enhanced regulatory architecture based around the Financial Stability Board and the associated standard setting bodies. That system has been proven to work, notably by the resilience of the system in 2/3  BIS central bankers' speeches  the face of the Covid crisis. Seeking to fragment the international system cannot be justified in light of the success of the post financial crisis approach. I welcome the recent announcement to of the three-year extension of temporary equivalence for clearing houses. We will continue to work in strong co-operation with EU authorities to ensure risks in in clearing houses are well managed, as we do with other authorities in other countries. But I have to say that maintaining a shared deep commitment to open markets and open financial systems with strong and appropriate regulatory standards and cooperation to support them means that there need be no time limit to this equivalence. Adrian, the strong dialogue we maintain has played its part in enhancing the resilience of our financial system. I look forward to that continuing. Thank you.

Significant progress has in fact been achieved in the development of the Malaysian sukuk market, underpinned by strong collaboration among the Government, regulatory agencies, players and investors. By early 2007, Malaysia accounted for 67 per cent, or about twothirds, of the global outstanding sukuk amounting to about USD47 billion. Malaysia is important for the global sukuk market, not only because it represents the largest sukuk market in terms of outstanding size, but also in terms of number of issuance which signifies a strong edge in market vibrancy. Malaysia's strong performance in sukuk activities can be attributed to several key factors that may be similarly leveraged by other issuers and players participating in the Malaysian Islamic capital market. These are: (i)  Firstly, Malaysia has the strong edge by having an efficient platform for sukuk issuance and trading activities covering the infrastructure and facilitative rules that contribute towards efficient price discovery and shorter time to market. The established legal, regulatory and Shariah frameworks in the Islamic financial infrastructure are key competitive advantage for Malaysia. These initiatives have been reinforced by the supporting financial infrastructure including the settlement and bond information systems. There is no restriction on the use of proceeds, ability to use international rating services, ability to hedge positions and ability to swap issuance proceeds into foreign currencies. Submission for foreign currency sukuks from qualified issuers with at least a single “A-” credit rating would be deemed approved upon proper filing of documents with the Securities Commission.