the market and to its perception, can lead to changes in broader market behavior and pricing. these can have an adverse flow on effect on the economy at large. the detection of such misconduct in the stock market will also be addressed in this seminar. closing ladies and gentlemen you have an exciting week ahead. in closing, i urge all the participants to make the best use of this learning and networking opportunity to be able to exploit new supervision concepts that can be tailor - made to your very own jurisdiction. please share your own experiences and open yourselves to the views and experiences of your colleagues around you. as regulators, we definitely are a stronger force if we work together. i wish to particularly thank the adb and apec for the support that they provide towards such training and up - skilling of our people and look forward to your on - going collaboration. thank you also to the resource persons for providing the time to be here. finally, i invite you all, and in particular our overseas visitors, to take the opportunity to see a bit of our beautiful country whilst you are here. do enjoy our local hospitality! there is definitely a fiji way of doing things, which you can find out about from my colleagues who are joining you for the seminar! i now have much pleasure in officially opening the adb / apec frti market supervision regional seminar and wish you all a fruitful and successful programme. vinaka vakalevu. bis central bankers ’ speeches

barry whiteside : the changing nature of financial markets surveillance opening address by mr barry whiteside, governor of the reserve bank of fiji, at the apec financial regulators training initiative ( ftri ) market supervision seminar, nadi, 5 december 2011. * * * salutations distinguished guests, participants, ladies and gentlemen. bula vinaka and a warm welcome to you all. i would like to especially welcome those who have travelled to fiji from abroad! i understand we have some participants from as far away as tanzania, india, china, northern and southern asia, as well as our friends from the pacific islands. it is with great pleasure that i welcome you all to nadi for the apec financial regulators market supervision seminar. we are indeed honoured to help host this important week - long regional training initiative for securities regulators. it is also extremely pleasing to see such a great mix of participants from right across our asia - pacific region. i thank the organizers, the adb and the apec financial regulators training initiative secretariat, for inviting me to give the opening address to what ought to be a stimulating seminar. the topics for your deliberation are impressive and will no doubt bring unique insights into the changing nature of financial markets surveillance. do try not to let the surroundings distract you from this purpose! ladies and gentlemen, the timing of this seminar is pertinent, given the economic and financial environment with which we are all confronted at the moment. set against the backdrop of the recent global financial crisis, increased insider trading, and the structural problems facing the crisis - hit eu economies, the importance of constructing and harmonising preventative market surveillance rules and disseminating this in regional training is critical for us all. addressing the pressing need for market surveillance training in emerging economies please allow me, this morning, to briefly share with you why market supervision initiatives such as this are of paramount importance to developing nations, like fiji. over the years, the asia - pacific region has witnessed vast changes in the nature of securities trading. cross - border trading and the volume of trade have increased exponentially and so has the complexity of products offered. history, however, has proven that financial innovation in an ineffectively regulated environment provides an avenue for market manipulation, and precedes excessive risktaking and market failures. it has therefore become critically important that macro - prudential surveillance is continuously updated in line with the evolving nature of the securities market, in order to safeguard its integrity and efficiency. ladies and gentlemen,