we also know that attackers always work to be a step ahead, and we need to prepare for cyber events. many of you provide services that are critical to maintaining the functionality of the financial system. those critical services should be highly resilient. but at the same time, some of the solutions in place to improve the resiliency of those critical services may actually contribute to a cyber event. one example would be the replication of bad data across data centers. as the federal reserve thinks about its financial stability mandate, this concern will be a particular focus. solutions will not come easily, but i am confident that with strong public and private efforts, solutions will emerge. the federal reserve also focuses on the sharing of threat information and collaborates with a 1 / 2 bis central bankers'speeches number of partners toward protective mechanisms. we work with other domestic agencies as well as international authorities, and we have partnerships between the public and private sectors to introduce and participate in programs that combat the increasingly frequent and sophisticated cyber threats. specifically, we collaborate with government and industry partners to plan and execute cybersecurity tabletop exercises focused on identifying areas where sector resilience and information sharing can be enhanced. we also participate in community and industry outreach forums and actively share threat intelligence with sector partners including the financial services information sharing and analysis center ( fs - isac ). and we encourage financial institutions to work collectively through arrangements such as fs - isac so that threat information can be shared promptly and effectively. collaboration among many stakeholders on cybersecurity is critical to progress. the federal reserve has been working with, and will continue to work with, other financial regulatory agencies on harmonizing cyber risk - management standards and regulatory expectations across the financial services sector. specifically, we are focused on aligning our expectations with existing best practices, such as the national institute of standards and technology ’ s cybersecurity framework, and identifying opportunities to further coordinate cyber risk supervisory activities for firms subject to the authority of multiple regulators. we support industry efforts to improve harmonization across the sector, which are complementary to achieving our regulatory safety and soundness goals. conclusion the federal reserve continues to work toward improving both post - crisis regulation and our approach to cybersecurity. i hope that my intention to lay out the broad principles guiding us as we move forward was helpful. and while many of the areas will require additional work and may not have fast results, the federal reserve is committed to getting it right, and i look

opening address by lesetja kganyago, governor of the south african reserve bank, at the launch of the project khokha 2 report 6 april 2022 good day, ladies and gentlemen. welcome to the virtual public release of the project khokha 2 ( pk2 ) report. the project was launched in january 2021 as an initiative under the innovation accelerator of the intergovernmental fintech working group ( ifwg ) led by the south african reserve bank ( sarb ) through its fintech unit. pk2 explored the implications of tokenisation in financial markets through a proof - ofconcept ( poc ) that issued, cleared and settled sarb debentures using distributed ledger technology ( dlt ). in doing so, pk2 built on project khokha 1 ( pk1 ), which many of you are familiar with. pk1 was our initial financial technology ( fintech ) policy exploration and technical trial in the use of dlt for interbank settlements ; it explored the use of dlt for interbank settlements by successfully replicating some functions of the south african real - time gross settlement ( rtgs ) system on dlt. innovation in financial services in general, and in digital financial services in particular, has made significant progress since the launch of the pk1 report in june 2018. one of the most noteworthy trends affecting financial markets over the last half - century is what is referred to as ‘ dematerialisation ’. following advances in computer technology since the 1960s, financial markets started to move away from recording page 1 of 6 securities ownership in a physical ledger to recording ownership on centralised digital ledgers. over time, this led to centralised financial market infrastructures such as central securities depositories and central counterparties evolving to play a critical role in recording the ownership of assets and, by extension, managing the risks involved in the process of recording the transfer and ownership of value. building on this initial convergence towards the digitalisation of financial markets, tokenisation goes one step further by representing different forms of traditional assets ( such as money and securities ) as tokens on dlt - based platforms. such dlt - based platforms move the recording of transfer and ownership of value from individual ledgers kept by centralised financial market infrastructures to shared distributed ledgers. dlt - based infrastructures may require fit - for - purpose money which is appropriate for such dlt - based platforms. this has resulted in several central banks