a vital imperative ladies and gentlemen, the fsb report is focused on resolution, and i think we can all agree that resolution is a state that we need to avoid as far as possible. in this context, i would like to emphasise the importance of taking a holistic view of the clearing ecosystem. especially now that we are entering the digital age and new technologies such as artificial intelligence, cloud and quantum computing and decentralised finance could open up new opportunities for the clearing system. but they also pose new risks. the nature of ccps as key cornerstones of our financial markets in a very tight web of interdependencies points us towards the solution : trust and close cooperation between regulators and market participants. not only between supervisor and ccp but also among and between affected stakeholders such as clearing participants, clients and associated fmis ; not only at national but also on an international level ; not only among supervisors for times when it's " business as usual " but also with recovery and resolution supervisors and overseers. the crisis management groups introduced by the fsb for ccps that are systemically 3 / 5 bis - central bankers'speeches important in more than one jurisdiction are an excellent example of exactly the kind of collaboration that i am talking about. in the same vein, but taking things a step further, i would like to highlight the approach that we are applying in the european union with the supervisory emir colleges, now complemented by the recently implemented resolution colleges. participants in resolution colleges come from various domestic and foreign authorities, such as the supervisory and resolution authorities of the banks affiliated with the ccp and the supervisory authorities of the exchanges and trading venues for which the ccp provides services. in this forum many different perspectives come together to map the possible consequences of a ccp's default and contribute to the crisis resolution strategy. the international interconnectedness of ccps requires this kind of proactive approach, a set - up for sharing information and exchanging views. fora, such as today's wfe event, help to expand and optimise our understanding and contribute to our collective toolbox. 5 closing remarks with the new fsb toolbox, we will enrich our capabilities. having a decent and comprehensive kit of tools means that we are better prepared to keep the clearing ecosystem in tip - top good shape. our commitment to optimising the clearing system is an ongoing journey. we all know there is no " one - size - fits - all " solution.

. it started on the regulators'side with the principles for financial market infrastructures 1 / 5 bis - central bankers'speeches and the fmi annex of the fsb key attributes, which provided the basis for an effective, safe, and sound regulatory landscape for financial market infrastructures. the ccp workplan, initiated by the fsb and cpmi - iosco in 2015, set the stage for structured regulation to promote ccp resilience, recovery planning and resolvability. cpmiiosco's various sets of guidance and reports, such as on resilience, recovery, cyber risk and now on margins, 3 stand as testimony to our adaptability and dedication. building on this, the fsb provided – in 2017 – guidance on ccp resolution planning, followed in 2020 by guidance on the treatment of ccp equity in resolution, introducing the five - step approach for effective resolution supervision. this notable work helps resolution authorities to assess the adequacy of a ccp's financial resources and the potential impact of their application on financial stability. in many jurisdictions, the remarkable upshot of the dedicated efforts of the financial stability board, committee on payments and market infrastructures and international organization of securities commissions have been transposed into legislation. but making the clearing infrastructure more watertight and efficient is also in the interest of all market stakeholders. consequently, market participants and industry stakeholders have worked and are still working diligently to improve clearing by optimising netting, margin, risk models and information exchange. new avenues are constantly being explored – clearing services for cryptocurrency derivatives or dedicated partnership models, to name just two. advances in technology, such as cloud computing, distributed ledger technology and artificial intelligence, may also offer new opportunities in terms of efficiency and resilience. these combined efforts have led to a very well - balanced and safe clearing system. recent crises such as the covid - 19 pandemic and the energy price crisis in the context of the ongoing war in ukraine have given us a notable demonstration of how robust our system has become. 4 3 current landscape / navigating ccp financial resources in resolution but we cannot let that lull us into thinking it's time to hang up our tool belt. as responsible crafters of the financial infrastructure, we still have work to do. first, there is no doubt that central counterparties have contributed to making the financial system more resilient. but it also means : that central