But I do want to remind ourselves to stay vigilant and ensure that implementation is seen through, as this work has not yet been completed. For example, initial margin requirements on non-cleared derivatives, which guard against the overuse of embedded leverage in derivatives, are still being phased-in in a number of jurisdictions including Hong Kong. At the same time, while derivative transactions that are intended to be cleared has increased five-fold in the past four years in Hong Kong, according to data from our Trade Repository, there is more room for further standardisation. Finally, solutions such as deference mechanisms, which helps eliminate cross-jurisdictional regulatory arbitrage, are still works-in-progress between the HKMA and our overseas counterparts. As we embark on further deepening of the derivatives markets in the Asian region, the high standards set up by regulators and by the industry over the past ten years should be well respected, and strengthened regulations on margins, clearing, and transparency should be taken seriously as safeguards against potential risks. Let me close by saying a few words about our host today. ISDA has been instrumental in promoting standardisation of documentation and practices in derivatives markets. In the process, it has played a key role in navigating the industry through post-crisis reforms. ISDA is and will continue to be an important platform for consensus building and knowledge sharing. I’m certain that ISDA will remain a valuable partner for everyone in Asia as we continue to overcome the challenges I discussed today. I look forward to more fruitful collaboration going forward.

The Banque de France was the first to start a programme of eight experiments on a wholesale CBDC, notably with a number of Fintechs, to improve the functioning of the financial markets and institutions. If necessary, the Eurosystem could decide to issue a retail CBDC to ensure the general public have access to central bank money, especially in countries where cash payments are in decline. The ECB has created a high-level task force whose report we published ten days ago. We will now launch a public consultation, starting today, examine all regulatory and technical issues, and begin experiments at the national central banks – the Banque de France will contribute actively to this. Between now and mid-2021, the Eurosystem will decide whether to launch a project for a digital euro, which would start with an investigatory phase. And while we’re on the topic, let me just comment on the terminology used: you sometimes hear people talk about cryptocurrencies, but the term is a contradiction. You either have a currency, with all its functions and a public guarantee, or private crypto-assets. But there is no such thing as a cryptocurrency. 3/ A European mobilisation on private payment infrastructures thanks notably to the involvement of the major European banks in the European payments infrastructure (EPI) project. It is crucial that we go beyond the current national systems, and offer cross-border solutions together with a pan-European brand. There is no contradiction between the CBDC and the EPI. We could very probably need both.