high across age groups and educational attainment. most often this training was conducted in - house by company personnel, but larger firms also relied importantly on educational institutions. at the same time, we must be alert to the need to improve the skills and earning power of those who appear to be falling behind. in the long run, better child - rearing and better basic education at the elementary and secondary school level are essential to providing the foundation for a lifetime of learning. but in the shorter run, we must also develop strategies to overcome the education deficiencies of all too many of our young people, and to renew the skills of workers who have not kept up with the changing demands of the workplace. the advent of the twenty - first century will certainly not bring an end to the challenges we are facing in a rapidly changing world. americans will surely adjust to a frenetic pace of change, as we have in the past, but we must recognize that adjustment is not automatic. all shifts in the structure of the economy naturally create frictions and human stress, at least temporarily. as those frictions dissipate, however, i have no doubt that the economy will emerge healthier. and, if we are able to boost our investment in people, ideas, and processes as well as machines, the economy can operate more effectively as it adapts to change. this holds the potential to create an even greater payoff of a broadly based rise in living standards over the longer run. your new kenan - flagler facility will enhance this university ’ s ability to meet the challenge.

than 70 % of irs trades currently being centrally cleared without regulatory mandate. cds market is still developing and it may take more time to achieve the necessary market activity to support central clearing of cds transactions. timeframe for guaranteed settlement of cds will be mandated after a critical level of volume is attained. • exchange or electronic platform trading : electronic platforms are available for transactions involving repos in government securities, irs, forward rate agreements and foreign exchange forwards. report of the working group on government securities and interest rate derivatives markets ( chairman : shri r. gandhi ) has also recommended introduction of an electronic swap execution facility ( electronic trading platform ) for the irs market, and consider introduction of a ccp which may provide guaranteed settlement of trades executed through the electronic platform. • reporting to trade repositories : as per existing regulatory guidelines, banks and primary dealers report irs / fra and foreign exchange derivatives transactions on ccil reporting platform. with regard to cds, all market makers must report all trades ( including client trades ) on the ccil ’ s reporting platform. presently, client trades in irs are also being reported by banks. conclusion 21. i am sure in this summit, you will all be discussing the credit investment market infrastructure, the various opportunities and challenges that the credit investment market offers and how to benefit out of this important segment of the financial market. i wish you all useful deliberations. 22. thank you all for your attention. bis central bankers ’ speeches