of our work as central bank governors, and it ’ s insightful for all of us to hear from leaders beyond our own organizations and the borders of our countries. global issues i touched on many topics — the pandemic, the war, and inflation. these are global issues with domestic implications, and when we address them to fulfill our own mandates, we affect the economies of other countries in the region as well. in this regard, the work of the bis in bringing central banks together has never been more important. i look forward to continuing our dialogue and engagement in the future. again, congratulations to the central reserve bank of peru, and best wishes for your second century. 2 / 2 bis central bankers'speeches

. 457 – 68. for an analytical perspective on the development of central counterparties and their functions in the context of the 1987 stock market crash, see ben s. bernanke ( 1990 ), “ clearing and settlement during the crash, ” review of financial studies, vol. 3 ( 1 ), pp. 133 – 51. see u. s. securities and exchange commission ( 1988 ), the october 1987 market break : a report by the division of market regulation, u. s. securities and exchange commission ( washington : government printing office, february ) ; and u. s. commodity futures trading commission ( 1988 ), follow - up report on financial oversight of stock index futures markets during october 1987 ( washington : cftc, january ). see presidential task force on market mechanisms ( 1988 ), report of the presidential task force on market mechanisms ( washington : government printing office, january ), pp. 52 – 53. the task force was headed by nicholas brady. for a discussion of potential reform initiatives. see working group on financial markets ( 1988 ), interim report of the working group on financial markets submitted to the president of the united states ( washington : government printing office, may ). bis central bankers ’ speeches discount window lending and special liquidity programs, also indirectly eased liquidity pressures on the clearinghouses. in the global foreign exchange market, cls bank international, a system that began operating in 2002 with the purpose of addressing settlement risk, is widely credited with maintaining confidence for continued interbank trading and settlement of foreign exchange. overall, the historical record shows that clearinghouse arrangements have generally withstood even severe crises. this solid performance reflects good planning and sound institutional structures but also some degree of good luck, as crises have also revealed important vulnerabilities, vulnerabilities which prompted subsequent reforms by both the private and public sectors. clearly, if we do not want to put all our trust in continued good fortune, we will have to continue to be proactive in identifying and remedying weaknesses in these critical infrastructures. clearinghouses and financial reform broadly speaking, the recent financial reform legislation bears on the future structure and role of clearinghouses in two different ways. first, it aims to increase the resilience of these critical institutions against severe financial shocks, the issue that i have emphasized thus far. second, it also encourages the greater development and use of clearinghouses to address weaknesses identified in other parts of the financial system. of course, increased reliance on clearing