they are raising new competition issues. one of these relates to the restriction that apple, unlike google, places on access to the nearfield communication ( nfc ) technology on its devices. many argue that this restriction limits the ability of other wallet providers to compete on these devices and that this could increase costs. this issue has recently attracted the attention of policymakers in several countries. for example, in 2019 the german parliament passed a law requiring device manufacturers to provide third parties with access to technologies ( such as nfc ) that support payments services. and the european commission announced in june that it would commence a formal antitrust investigation into apple ’ s restriction of third - party nfc access on the ios platform and in september announced that it will also consider legislation on third - party access. this issue has also been raised in submissions to our review of payments system regulation, and we are watching developments in europe and elsewhere closely. another issue being raised by these wallets is the value of information and data, and again we observe google and apple taking different approaches. google states that it may collect information on transactions made using google pay, which can be used as part of providing or marketing other google services to users. in contrast, apple states that it does not collect transaction information that can be tied back to an individual apple pay user. there are also different approaches to charging transaction fees. apple charges a fee to issuers when a transaction is made with the apple wallet but a similar fee is not charged by google when transactions are made with google pay. it is certainly possible that these different approaches to the use of data on the one hand and access and fees on the other are linked. so there are issues to consider here too. beyond the issues raised by digital wallets, there are other competition issues raised by the 2 / 6 bis central bankers'speeches involvement of the big tech companies in payments. these companies are mostly platform businesses that facilitate interactions between different types of users of their platform. they have very large user bases, benefiting from strong network effects that can make it hard for competitors. data analysis is part of their dna and they have become increasingly effective at commercialising the value of data they collect and analyse. providing additional services, such as payments, also reduces the need for users to ‘ leave ’ the platform. so there are complex issues to be worked through here. one of these is the terms of access to the platform and whether the platform requires that payments be processed by the platform ’ s own payment system.

to reconsider their approach to risk – to look beyond their own direct operational exposures and their relationship to directly connected partners. a holistic and systemic global – or at least european – approach is needed, to the widening of risk assessment and coordination with other partners along the value chain, so that risk and crisis management procedures can be optimised. fourthly, in a rapidly changing global financial market, innovative products are developed. these new products may have an impact on the safety and efficiency of the post trading market and on the stability of financial markets, if their volumes become significant. for instance, total global otc derivative contracts have doubled within the last two years to approximately eur 10 trillion in ( gross ) market values ( usd 14 trillion – more than the annual gdp of the euro area 1 and similar to the total outstanding amount of debt securities issued by euro area residents in euro. the credit default swaps market has grown more than eight times in ( gross ) market value during the last two years. i suggest that monitoring and risk management measures needs to be intensified, to closely monitor the dynamics of the derivative markets and to strengthening the financial infrastructures by improving arrangements for clearing and settlement of otc derivatives in order to reduce systematic risks. i am confident that we can find the right balance, so that europe co - operates to harmonise, monitor and compete to deliver the economic benefits of the single financial market. thank you very much. euro area gdp eur 8. 9 trillion.