types of information that was not expected and vast data for investment decisions and market analyses has started to become widespread. 1 it is expected that in the future more information will become available for utilization and will facilitate enhancements in market efficiency, accompanied by initiatives for ensuing privacy and information security. anomalies in the markets it has been well known that, as long as it can be assumed there are efficient markets that do not leave arbitrage opportunities unexploited and there are rational investors, phenomena referred to as anomalies that are not rationally explainable can be observed in financial markets. some of them are market development matters : the calendar effect that finds regularity in market developments according to the specific month or the day of the week, and the small - firm effect that indicates a tendency of difference in expected returns by market value. there are also other anomalies that are to a certain extent understandable as haruhiko kuroda ( 2017 ), " ai and the frontiers of finance, " remarks at the conference on ai and financial services / financial markets, bank of japan. investor psychology, such as " investors'expectations tend to be biased by their past experiences " and " investors'risk appetite could vary significantly depending on their performances up to that point. " there are some fields where instead of being simply regarded as irrational phenomena, an interdisciplinary approach using, for example, psychology, has led to the creation of new theory, such as behavioral economics. changes in market structure apart from daily price movements in the markets, how to identify structural changes including market infrastructures and to incorporate them into analyses has long been an issue. on this point, from the perspective of a practitioner, i feel that there are fields in which, even with an evident structural change, it is difficult to receive support from a systematic theoretical approach, in part due to the high level of expertise required to correctly recognize the relevant facts. for example, as trading through electronic platforms has become mainstream, along with the significant decrease in trading through human brokers such as floor and telephone trading, the time required for the execution of each market transaction has shortened dramatically. under these circumstances, the execution of transactions based on algorithms has become widespread and the weight of high - frequency trading has been increasing in some markets. on the other hand, some institutional investors such as sovereign wealth funds and pension funds, in addition to traditional financial intermediaries and investment trusts, have increased their presence as market participants ; as a result,

development. let me focus on one aspect, which i believe is essential to achieve sustained economic growth : to development of a long - term market in local currency. particularly in the case of economies in transition towards its long - term equilibrium, central banks include on their agenda other specific tasks that their policy actions cannot ignore : the need to increase the depth of the financial system, develop new financial instruments and complete existing markets in local currency becomes a priority. there is a strong consensus about how important this is for the emerging countries. different kinds of factors, at both the macroeconomic and microeconomic levels are noteworthy. among the macro factors, progress in the de - dollarization of the economy and the reduction of vulnerabilities associated with the possibility of sudden stops stand out. this is of special significance because the presence of currency mismatches has been at the root of the most important financial crises ( or has at least contributed to amplify them ). a significant dependence on debt in strong currencies means that countries are more vulnerable to depreciations of their currencies ( which are severely contractive ). also, the development of markets for debt in domestic currency tends to be associated with a better liability management. in fact, the development of a yield curve that serves as the base to develop new products ( like derivatives ), makes it easier to mitigate risks. of the micro factors, it is fundamental to develop a yield curve in domestic currency that reflects the opportunity costs of funding at different maturities, collaborating to achieve more efficient resource allocation. the development of these markets is a more stable source of funding for the financial system. in addition, the countries with deeper domestic markets face a broader variety of policy instrument choices. therefore, the lender of last resort role avoids the limitations observed in a highly dollarized context, for example. likewise, less reliance on external capital flows ( usually at short terms ) allows for more control over the monetary policy. despite the achievements observed during this decade, there is still significant progress to be attained, which is even clearer for latin america. especially as regards the terms of the issues ( so that the change from issuance in hard currencies to soft currencies does not imply excessive currency risk for interest rate risk ) and a larger share for the nominal fixed rate issues ( with the aim of reducing the interest rate risk ). in addition, although the liquidity of the secondary markets for debt has increased in recent years, it remains limited