the good work accomplished so far. i would also like to thank the t2s advisory group. in the next phase of the project, this group will retain its important function of ensuring that t2s delivers in line with market needs. the group has provided invaluable advice to the programme board and to the governing council over the past few years. the level of transparency on the t2s project through the advisory group has been – i believe – unprecedented. this has certainly been one of the key drivers of the project ’ s acceptance amongst csds, market participants and political authorities. finally, i wish to thank the high level group t2s as well as the t2s teams both at the ecb and the 4cb. their work is not always visible, but it is invaluable. indeed it is thanks to their work “ backstage ” that the construction of the t2s platform is well on track. the system is now over halfway to delivery point and the development and testing of the application are proceeding on a firm footing. on this basis, and with the signature of the t2s contracts, we now have the solid foundations to continue building t2s and to transform post - trading in europe, making it both more efficient and safer. we have taken a major step today towards making t2s happen. in years to come, we will see the eurosystem, participating csds, and market participants more widely working together to make this project a success. thank you very much. bis central bankers ’ speeches

. our operational resilience expectations help in this regard. but we also want to see firms working together on market disciplines towards operational resilience in the financial sector. a good example is critical thirdparty providers, a subject on which hmt published a policy statement. [ 3 ] in the new world, relationships with critical third - party suppliers are becoming as important as the relationships with large financial counterparties that international banks had established over many years. that is a sign of the rising prominence of operational vs. financial matters in that new world – less of an afterthought. so your ceos may need to start making different types of phone calls. the financial sector can also work together on the development of extreme and multidimensional systemic stress scenarios, and assessing the impact of shocks from one firm to another. we are arguably now still in the foothills of this new digital era. ahead of that, international banks must frontload the implementation of operational resilience policy. surely a mere sliver of the earnings of the last decade should be more than enough to cover that investment. and boards must make sure they understand the risks from new technology and that operational resilience becomes part of the fabric of their decision making. this means, before entering materially into crypto assets, adopting artificial intelligence ( ai ), introducing the cloud ; or entering third - party relationships, international banks active in the uk must complete their operational resilience homework. so that they are prepared for this new tide. towards waters in which safe havens will probably be quite sought after and attractive – so there is an opportunity here for banks and their franchise. climate the two issues i have discussed so far, namely how the new world might threaten firms ’ financial and operational resilience, obviously have the potential to crystallise in the very near future. the last issue i will touch on today may appear to some as somewhat longer - term, but it is fast approaching and will change the environment we operate in. that is climate change. over the last couple of years markets have exhibited a number of features which arguably give us a foretaste of some of the future consequences of climate change, depending on how the climate transition pans out. here, i am thinking of the disruption to world energy and commodities markets, global supply chain problems and, most recently, the threat of food insecurity. it would be easy to attribute each of these issues to specific triggers, such as covid or