and we believe it is generally in the best interests of users if trading, clearing and settlement are kept apart. some exchanges have chosen to merge or ally with others to provide a larger, more liquid and more competitive marketplace. and all are competing for business in a way unthought of a few years ago witness the competition between liffe and eurex for the long and short ends of the euro yield curve. the latest score in that particular england : germany match is one all. no doubt german supporters think this score - line would have been a fairer result on saturday night, given the balance of play! role of technology but the common factor in all of these developments is technology. physical trading floors for exchanges are fast - disappearing, particularly on this side of the atlantic, replaced by virtual floors with trading conducted electronically. and exchanges are utilising their markets and system expertise to become trading system providers as well as market operators : om has been a leader in this field for some time now, and liffe has announced some exciting plans - the creation of - fittingly enough “ liffe. com ” and its recent tie - up with cap gemini. on balance, these developments must be in investors ’ interests. they reduce costs, improve access and allow exchanges to respond quickly and effectively to users ’ changing needs. but they also present a number of challenges. to move from a trading floor, with its mix of locals, brokers and market makers, to an electronic order book, undoubtedly changes the dynamics of a market. for regulators, remote trading also brings some difficult challenges. technology does not respect national boundaries ; nor does it recognise different jurisdictions. in a world where a german trader can trade on an exchange in london with a counterparty in the us who uses a french technology provider and a belgian settlement agent, the question of how to ensure that all parts of the process are regulated effectively is a tough one. some argue there should be some kind of pan - national “ super - regulator ”. perhaps that is where we will eventually get to although one worries about its potential for the worst sort of bureaucracy : and in the meantime we think that an approach based on close cooperation and the exchange of regulatory information, is a pragmatic way forward and more likely to balance the need to protect investors and the need to encourage innovative, responsive markets. but let me turn my attention back to the opportunities that technology offers. the scope for new contracts on b2b and e - commerce networks is

we will be watching closely to see how the economy responds to higher interest rates. we ’ re not on autopilot. we will be looking for signs that the economy is returning to balance. just as canadians trusted us to respond with strength and conviction when the economy needed support at the onset of the pandemic, they are counting on us now to lower inflation. we take that trust seriously. we have the tools, we have the track record, and we are committed to getting inflation back to target. let me stop here. you ’ ve been an attentive audience, but an important part of being transparent and accountable is listening, and taking questions. so that ’ s what i ’ d like to do now. thank you. 6 / 7 bis central bankers'speeches 1 1. t. gravelle, “ market stress relief : the role of the bank of canada ’ s balance sheet ” ( speech delivered virtually to cfa society toronto, toronto, ontario, march 23, 2021 ). 2 2. t. macklem, “ the imperative for public engagement ” ( speech delivered virtually to the federal reserve bank of kansas city jackson hole symposium, jackson hole, wyoming, august 27, 2020 ). 7 / 7 bis central bankers'speeches