each topic, viewed by itself is a series of complex data points — but, upon stepping back, we see the connection and interdependence of the various elements. the role of the fsb is to orchestrate a unified image and coherent approach ; to ensure we continually monitor and address those hazards, the shape and form we have already identified, while allowing for vicissitudes like the covid event, which arise quickly, with little notice, and that require extra space on the canvas. there is little margin for error in our work. achieving our objectives requires the utmost in diplomacy and rigorous analysis. in light of all the challenges we have faced over this extraordinary year, i am proud of what my colleagues in the fsb have done. see financial stability board, reforming major interest rate benchmarks : 2020 progress report ( basel : financial stability board, november 20, 2020 ), https : / / www. fsb. org / wp - content / uploads / p191120. pdf. - 11 my fellow public servants from across the globe working on fsb topics are steadfast in their daily pursuit of a unified mission — to promote international financial stability. i think the work we have laid out for 2021 does just that.

. work is underway to gather data and analyze dealer behavior to develop a comprehensive view on - 5their impact on financial market functioning and determine whether policy responses are necessary. turning to a different part of our nbfi work plan, the march market turmoil demonstrated the benefits that central clearing brings for global financial stability. indeed, central counterparties ( ccps ) demonstrated resilience during this tumultuous period. given their systemic importance, however, we continue to advance work to improve ccp resilience and resolvability, as set out in the fsb 2020 resolution report. i am coordinating with the chairs of the committee on payments and market infrastructures ( cpmi ), international organization of securities commissions, and the fsb resolution steering group on shaping these details. we expect to launch a workstream this year aimed at further strengthening the resilience and resolvability of ccps in default and non - default loss scenarios, including assessing whether any new types of resources would be necessary to enhance ccp resolvability. the fsb and other standard - setting bodies have also begun work on margin activity in centrally cleared and non - centrally cleared markets during the peak of the market volatility last year. we observed that margin calls by some ccps may have been larger than expected. while we need to ensure that ccps are sufficiently margined as critical nodes in the financial system, clearing members and their clients also need sufficient transparency and predictability to be able to manage their exposures. looking forward : nbfi next steps and needed components to be successful, this broad and comprehensive agenda, which serves as a cornerstone of the fsb work program for 2021 and beyond, will require strong coordination, commitment, and resources from the international regulatory community, - 6including at the fsb and other standard - setting bodies. further, to ensure a sound, practical, and effective way forward, these workstreams will also require transparency and engagement among the public. the fsb is, therefore, seeking the input of market participants and other parties. this nbfi work alone would be an ambitious agenda. but i believe the fsb is well equipped to address this challenge while also furthering the other important elements of our broad agenda. let me spend some time talking about another of these important objectives : enhancing cross - border payments. enhancing cross - border payments in 2019, the g20 identified enhancing cross - border payments as a key priority and the f