sustainabilityrelated regulations and standards, and perform sustainability - related data gathering and analysis work to better take on new sustainable finance - related businesses. mas and the institute of banking and finance ( ibf ) will continue to roll out programmes to support professionals in the finance sector to upskill to take on these new sustainable finance opportunities. artificial intelligence ( ai ) let me now turn to how we intend to harness fast developing technologies in ai and quantum computing. financial institutions are no strangers to ai and have deployed machine learning for many years. with genai, fis globally have started piloting the technology across a range of use cases, albeit cautiously in middle office or backend functions. in singapore, we observe a wide spectrum of fis with varying degrees of ai readiness and in different stages of ai adoption. the pace of adoption is expected to pick up with better understanding of its opportunities and risks. we see the potential for singapore to anchor key capabilities to develop and deploy ai solutions in financial services. to achieve this, mas aims to focus on three key areas – talent ; trust ; and technology centres of excellence. talent first, we need to build a financial sector talent pool with strong ai competencies. the roles and activities undertaken by many finance professionals will change with the adoption of genai, enabling them to spend less time on collecting and processing information, and instead take on higher value work such as analysing insights from ai generated outputs. new job roles will also be created, for example, in – data management, prompt engineering and ai governance – as fis scale up their adoption of genai. mas and ibf have commissioned a detailed study of how genai will change jobs in the sector, and identify the new skillsets needed to perform these changing or new job roles. this enables us to take active steps to equip the financial sector workforce with the right skillsets to capture the opportunities the genai brings. 9 / 12 bis - central bankers'speeches we expect to publish the findings and recommendations early next year. trust second, there must be trust and confidence in financial services powered by ai. a strong foundation of governance is essential so that ai is used responsibly and meets high standards. in 2018, mas released the feat ( fairness, ethics, accountability, transparency ) principles, which were co - created with the financial industry. the veritas industry consortium, led by mas, subsequently developed an assessment methodology and toolkit to help fis assess whether their use of ai solutions is aligned with

market stresses around the default, which seems a near certainty, they may at the same time face a sudden increase in intraday margin calls and their own internal demands for more liquid resources. 9 these are risks that we should seek to understand better. policy implications the federal reserve is the primary supervisory authority for two designated financial market utilities ( or dfmus ), and plays a secondary role relative to the six other dfmus. as a central bank, we are particularly concerned with liquidity issues. 10 i will address four policy issues that need careful consideration as the public sector and market participants continue to address liquidity risks in central clearing. stress testing the 1987 stock market crash showed that we need to look at liquidity risks from a systemwide perspective. that event involved multiple ccps and also involved multiple links in the payments chains between banks and ccps. conducting supervisory stress tests on ccps that take liquidity risks into account would help authorities better assess the resilience of the financial system. a stress test focused on cross - ccp liquidity risks could help to identify assumptions regulatory changes since the financial crisis have encouraged banks to hold much greater amounts of high - quality liquid assets, which would help them in meeting such liquidity demands. section 804 of the dodd - frank act requires the financial stability oversight council to designate those financial market utilities that the council determines are, or are likely to become, systemically important. eight utilities have been designated : the clearing house payments company, l. l. c. ; cls bank international ; chicago mercantile exchange, inc. ; the depository trust company ; fixed income clearing corporation ; ice clear credit l. l. c. ; national securities clearing corporation ; and the options clearing corporation. that are not mutually consistent ; for example, if each ccp ’ s plans involve liquidating treasuries, is it realistic to believe that every ccp could do so simultaneously? authorities in both the united states and europe have made progress in conducting supervisory stress tests of ccps. in the united states, the cftc conducted a useful set of tests of five major ccps last year. 11 the tests analyzed each individual institution ’ s ability to withstand the credit risks emanating from the default of one or more clearing members. this was innovative and necessary work. it would be useful to build on it by adding tests that focus on liquidity risks across ccps and their largest common clearing members. such an exercise could focus on the robustness