talent, data infrastructure, new payment instruments, and supportive policies. our strategy will meet all these demands, in turn reinforcing fintech adoption, and ultimately catalysing the growth of a healthy fintech ecosystem that benefits both banks and customers. 43. back in 2017, when the hkma announced the seven smart banking initiatives, they were well received, though not everyone could tell their significance and the changes they could bring. today, nobody will question the impact of, for example, the fps and virtual banks, on your business and our daily lives. 44. i believe the same could be said for fintech 2025. this new, forward - thinking strategy will set the scene for important fintech developments to take place in the coming years. i urge you to join us and take our city ’ s fintech ecosystem to new heights. 45. thank you. 5 / 5 bis central bankers'speeches

mr greenspan gives a testimony on over - the - counter derivatives testimony of mr alan greenspan, chairman of the board of governors of the us federal reserve system, before the committee on agriculture, nutrition and forestry, united states senate, on 10 february 2000. * * * i am pleased to be here today to underscore the importance of this committee ’ s efforts to modernize the commodity exchange act ( cea ) and to express my support for the recommendations for amending the act that were contained in the report by the president ’ s working group on financial markets entitled over - the - counter derivatives markets and the commodity exchange act. the need for legislation over - the - counter ( otc ) derivatives have come to play an exceptionally important role in our financial system and in our economy. these instruments allow users to unbundle risks and allocate them to the investors most willing and able to assume them. a growing number of financial and non - financial institutions have embraced derivatives as an integral part of their risk capital allocation and profit maximization. in particular, the profitability of derivative products has been a major factor in the significant gain in the finance industry ’ s share of american corporate output during the past decade - a reflection of their value to non - financial industry. indeed, this value added from derivatives itself derives from their ability to enhance the process of wealth creation throughout our economy. in light of the importance of otc derivatives, it is essential that we address the legal uncertainties created by the possibility that courts could construe otc derivatives to be futures contracts subject to the cea. the legal uncertainties create risks to counterparties in otc contracts and, indeed, to our financial system that simply are unacceptable. they have also impeded initiatives to centralize the trading and clearing of otc contracts, developments that have the potential to increase efficiency and reduce risks in otc transactions. as i shall discuss more fully later in my remarks, rapid changes in communications technology portend that time is running out for us to modernize our regulation of financial markets before we lose them and the associated profits and employment opportunities to foreign jurisdictions that impose no such impediments. to be sure, the congress and the commodity futures trading commission ( cftc ) have taken steps to address these concerns about the cea. the futures trading practices act of 1992 gave the cftc authority to exempt otc derivatives from most provisions of the act. in early - 1993 the cftc used that