good start. otc derivatives infrastructure second, otc derivatives infrastructure. earlier, i spoke of global regulatory reforms driving a revolution in the derivatives market. this has brought about new market infrastructure developments, and singapore has made significant strides in two key areas. the first area is clearing. • sgx asiaclear, asia ’ s first otc clearing facility, was established as early as 2006. • as counterparty to both buyers and sellers, asiaclear mitigates counterparty credit risk in otc transactions. • asiaclear ’ s value to the trading community extends to record and statement services, position netting, and cost savings for customers posting margins. • today, sgx asiaclear is the region ’ s leading multi - asset otc clearing house, with volumes exceeding 300 billion us dollars to - date. the second area is trade reporting. • just in december 2012, the depository trust & clearing corporation ’ s ( dtcc ) global trade repository established its asia - pacific global data centre in singapore. • the singapore location is part of its global trio of data centres, designed to support dtcc ’ s global trade repository services around the clock. • dtcc ’ s initiative will fill a key post - trade market infrastructure gap in singapore and the asia pacific region. • the industry will benefit from reduced connectivity costs and the greater convenience of reporting to a singapore - based infrastructure. these developments not only align us with global regulatory reforms, they allow us to strengthen our role as a derivatives and risk management hub in asia. offshore rmb the third area of opportunity that plays to singapore ’ s pan - asian strength is offshore rmb business. the rmb ’ s role in facilitating intra - regional trade and investment will only grow in the coming years. singapore is in a strong position to facilitate greater rmb - denominated trade and investment in the asean region. we are deepening liquidity, establishing key infrastructure, and working with industry to expand the range of rmb products and services in singapore. bis central bankers ’ speeches • in february this year, the industrial and commercial bank of china ’ s singapore branch was designated singapore ’ s rmb clearing bank. • just five days ago, mas and the people ’ s bank of china signed an enhanced bilateral currency swap agreement. this will enable mas to provide rmb liquidity to banks in singapore where needed. deep talent pool the fourth and final pillar supporting singapore ’ s financial centre is our deep talent pool. over the

2011. we are the leading insurance centre in asia. • singapore plays host to about 190 insurance institutions meeting the protection needs of the economy and society across the region. • the industry has built up expertise in complex and specialist risks – including marine, energy, aviation and credit and political risks. we have one of the most developed bond markets in asia. • singapore ’ s total market capitalisation has grown by over 150 % in the last decade, to 270 billion us dollars in 2011. we are the fourth largest foreign exchange trading centre in the world. • fx and fx derivatives turnover in singapore has more than tripled in the last decade, with an average daily traded volume of about 360 billion us dollars. we are asia ’ s leading commodity derivatives trading hub. • most of the major global banks have their regional hubs in singapore. • according to some estimates, singapore accounts for more than half of asia ’ s otc commodity derivatives trades. to succeed in the new financial landscape, singapore must comprehensively support asia ’ s long - term financing needs. let me highlight two strategic areas where we will harness our diverse financial ecosystem : debt capital market and infrastructure financing. debt capital market in a world of deleveraging and higher regulatory constraints on banks, it is now more urgent than ever to develop strong capital markets to complement bank lending and help to provide a better match for longer term funding requirements. bis central bankers ’ speeches the fundamentals for a strong debt capital market are in place. • the singapore bond market is fully accessible to all issuers and investors globally with no capital controls, hedging restrictions, or withholding taxes. • there is diversity of issuers – financial institutions, corporations and government agencies. • there is variety in instruments issued, including structured and securitised debt. last year, i announced three initiatives to further improve the efficiency and liquidity of the singapore dollar bond markets. we have made good progress since. the provision of swap liquidity to primary dealer banks handling singapore dollar debt issuance for corporations is fully operational. mas is now able to support swap transactions at market - determined rates. the singapore dollar corporate bond securities lending facility will become operational by june this year. the facility will provide market makers an avenue to borrow securities and make prices more freely. the price discovery initiative to provide end - of - day prices for singapore dollar corporate bonds was completed in june last year. this price transparency has already spurred industry - led efforts to create a singapore dollar corporate bond index