Let me mention a few of them: (i) the reinforcement of policy measures to address bank-like risks stemming from the activities of non-banks, which have significantly increased in recent years; (ii) the emergence of new risks, such as those derived from financial technology or cybersecurity; 4/5  (iii) the strengthening of sustainable finance to address environmental risk, and (iv) the creation or expansion of global and regional backstops. I am certain that our speakers in this conference will address these and other interesting matters. Indeed we will have the opportunity to explore this subject in depth through nine selected articles by prominent researchers. Actually, we are most privileged to have with us two distinguished keynote speakers, Ricardo Reis and Torben Andersen, who will no doubt illuminate us on these important matters. This two-day conference is organised in four sessions: the first will address certain money and market-related aspects. During the second session we will try to shed some light on the propagation of shocks when considering higher-order statistical moments of economic and financial variables. The third session will deal with two issues related to risk which are important for central banks, namely the credit risk associated with monetary policy operations and the evaluation of systemic risk measures. Finally, the fourth session on uncertainty will deal with the spillovers from the uncertainty on certain financial markets to the macroeconomy or to other markets. And now, allow me to introduce you to our first speaker, Ricardo Reis. We are particularly honoured to have him here today.

This would look into the degree and nature of CCP margin models’ responsiveness to volatility and other market stresses – including impact, costs 5/6  BIS central bankers' speeches  and benefits of this responsiveness for CCP resources and the wider financial system. Second, transparency. Participants need to have sufficient information, data, and tools to be able to plan ahead – they need to be able to anticipate what margin calls might look like under stress, and how pro-cyclical they may be. We need to examine carefully whether more could be done, in addition to the information already made available by CCPs, to help market participants to plan ahead. Ideas that could be looked at in this area include: developing good practices for margin tools and simulators and disclosure of key modelling choices; as well as promoting the use of consistent metrics and disclosures concerning procyclicality, responsiveness to volatility and model performance. Finally, though reducing the impact of margin call in stress and increasing transparency will help, much will depend on the liquidity management of clearing members and clients. It is worth noting that in our examination we found that there was little reliable data available on client preparedness for stressed margin call. Future work on in this area could: seek to identify enhancements to liquidity preparedness, including liquidity measures for NBFIs; and look into the effectiveness of intermediaries’ provision of liquidity to clients during stress, also considering how clearing members can encourage and facilitate greater liquidity preparedness of clients.