also the potential risks to financial stability. and when it comes to broadening access to ccps ( central counterparties ) in the market, there are still some obstacles, which need to be eliminated beforehand. although the fee models for ccps ( central counterparties ) have been improved upon, central clearing still seems to be uneconomical for smaller market participants, as ccps ’ participants have to meet very strict risk management requirements. therefore, we should do more to improve the attractiveness of the access models in general. talking about new risks that ccps ( central counterparties ) need to consider going forward, climate change risks have become increasingly important. while climate effects are becoming more and more visible, global efforts to tackle climate change risks are also on the rise. commodity ccps ( central counterparties ) have been primarily affected by recent developments like the spikes in energy prices and market volatility in the context of current tensions between russia and ukraine, which challenged ccps ( central counterparties ) ’ stress test models significantly. despite the high levels of market turmoil, ccps ’ risk models appear to have performed well on the whole. while this is welcome news, ccps ( central counterparties ) need to continuously review their model performance. given the potential impact of climate risks on financial markets and consequently on ccps ( central counterparties ), all ccps need to evaluate how to integrate climate change - related risk adequately into their risk models. by taking climate risks more into account, ccps ( central counterparties ) – in their capacity as intermediaries – could play a role in adequately mitigating the transfer of climate risks to financial markets. the journey has just begun : although a lot has been achieved, there is still a lack of uniform standards applicable worldwide. since climate change is a global issue, local standards and measurements need to be aligned around the world. it is up to governments and regulators to make sure that an assessment of climate risks takes place in an organised manner, and to provide the necessary framework. in order to do so, i see also ample scope for further analytical work. much remains to be done, but i am sure that together, we can shape the future of tomorrow. 3 farewell ladies and gentlemen, colleagues, thank you again for taking part in today ’ s conference and making it such a success. i am convinced that today ’ s conference has delivered what it set out to achieve.

is characterised by, what may be termed as, political system stability, despite the coalition cabinets and periodic elections both at the centre and in several states. india will remain one of the youngest countries in the world in the next few decades. this “ demographic dividend ” is seen as an inevitable advantage provided pre - requisites such as skill - upgradation and sound governance to realize it are put in place. in terms of business environment, the impressive growth coupled with market orientation of the economy has been a bottom - up exercise with a very broad - based and growing entrepreneurial class. these tendencies are perhaps reflective of a penchant for innovation among already large and growing entrepreneurial class in india, imbued with professionalism and seeking to be globally competitive. in brief, the medium term challenges are many, but all indications point to a sense of overall optimism for some acceleration in the already high rate of growth, with reasonable stability. perhaps we should track not only the addition to the number of billionaires in india but also the depletion in the number of millions of poor and unemployed. for some, indian economic progress signifies the beginnings of a major economic powerhouse in the world. but for many of us, the optimism over the medium - term is only the beginning of an arduous journey to ensure basic nutrition, clean water, safer sanitation, minimal housing, personal security and individual dignity for millions in india. the prospects for growth and stability in india are great, but greater are the challenges in fulfilling the very basic objectives of public policy. conclusion let me conclude by choosing some quotes from minister mentor, lee kuan yew ’ s jawaharlal nehru memorial lecture on november 21, 2005, in new delhi. referring to the unforgettable opening of nehru ’ s broadcast on the eve of independence, minister mentor lee kuan yew said, “ the destiny nehru envisaged was of a modern, industrialized, democratic, and secular india that would take its place in the larger historic flows of the second half of the twentieth century. ” “ nehru ’ s view of india ’ s place in the world and of india as a global player is within india ’ s grasp. ” “ at stake is the future of one billion indians. india must make up for much time lost. ” “ the time has come for india ’ s next tryst with destiny. ” thank you.