slive, c. wilkins and j. witmer, “ access to central clearing services for over - the - counter derivatives, ” bank of canada financial system review ( june 2011 ) : 39 – 45. bis central bankers ’ speeches the financial system in several advanced economies. since the crisis, it has not been subject to the same degree of regulatory reform as the traditional banking system. that is now changing. this is why regulatory authorities in canada, including the bank of canada, are actively involved, both at the fsb table and here in canada, in assessing market - based financing activities and helping to develop new financial regulations and market infrastructure, such as central clearing services, that will reinforce the safety and efficiency of our financial system. more broadly, with the international financial system still facing serious risks, it is crucial that we maintain the momentum of reform. thank you. bis central bankers ’ speeches

of outstanding issues, these areas continue to present challenges in reaching the desired end state. • second, as i ’ m sure you would agree, we collectively still have quite a bit of work to do to fully implement all of the changes required under new rules and regulations. and, we must continue to devote sufficient attention and resources to complete the efforts. at the same time, though, it is important to take stock of the changes made over the past few years – for two important reasons : first, to assess the impact of those changes, both intended and unintended ; and, second, to understand the contours of the “ new ” financial system operating under the range of new rules and regulations, both national and global in nature. such a stocktaking is important to bis central bankers ’ speeches ensure that we collectively understand how the “ new ” financial system is operating. firms and supervisors will continue to face challenges and competing demands as we press, in the months and years ahead, on implementing necessary changes and assessing the “ new ” financial system. what the future holds one of the topics that i feel will compete for, and will deserve, a lot of attention in the foreseeable future is cybersecurity. i am often asked about my list of “ things that keep me awake at night, ” and i think it ’ s fair to say that cybersecurity is at the top of that list – as i ’ m sure it is for many of you in this room. in fact, i think cybersecurity is one of the topics that should be on everyone ’ s list – from the most senior managers and boards of directors, all the way down to line managers. cybersecurity is not a topic or an issue just for the information technology staff or the cio to address ; it is a risk that isn ’ t exclusive in who, what or where it targets. • it is a risk that is difficult to clearly define. • it is a risk that is constantly evolving. • it is a risk that is not limited to one source. • it is a risk that is faced by every single financial firm, regardless of size or complexity. • in fact, it is a risk that is faced by every business, organization, school, church or group that uses technology. in other words, no company is immune ( unless, of course, you operate an all cash business from a brick and mortar store and keep your earnings under your mattress – not