tharman shanmugaratnam : strengthening financial cooperation between china and singapore opening remarks by mr tharman shanmugaratnam, chairman of the monetary authority of singapore, at the opening ceremony of monetary authority of singapore ’ s beijing representative office, beijing, 28 may 2013. * * * mr zhou xiaochuan, governor of the people ’ s bank of china distinguished guests ladies and gentlemen good afternoon. thank you for taking the time to witness the opening of the monetary of authority of singapore ’ s beijing representative office. mas ’ first representative office in asia this is mas ’ first representative office in asia. three factors underpin our choice to base our first asian representative office in china. china ’ s growth has significant implications for the asian region and singapore all of us have an interest in the successful transformation of the world ’ s most dynamic economy. china ’ s 12th five - year plan marks an important transition, with increased emphasis on urbanisation, services and social development, and consequently also greater reliance on private consumption as a source of economic growth. china is managing this transition in a pragmatic and purposeful manner. at the same time, many industrial enterprises in the coastal provinces are rapidly upgrading in response to rising wages and moving up the value chain. these domestic changes in china are taking place at a time when other asian nations too are moving up the curve of development. it will lead to growing connectivity between asia and china, and new patterns of connectivity as well, in good and services. china and singapore have strong and comprehensive bilateral ties singapore - china relations too are growing and evolving, in step with the development of our economies and societies. the relations between our two countries began a new era after the first official visit to singapore by late chinese leader deng xiaoping in 1978. he and mr lee kuan yew paved the way for stronger diplomatic and economic ties between singapore and china. with regard to merchandise trade, china was singapore ’ s 3rd largest trading partner last year. in services, china has been also our 5th largest export destination. singapore was china ’ s 13th largest trading partner in terms of merchandise trade in 2012. singapore was also the third largest source of fdi into china last year, after hong kong and japan. bilateral trade was further boosted with the signing of the china - singapore free trade agreement ( csfta ) in september 2008 in beijing. this was the first comprehensive bilateral fta that china signed with another asian country. it has led to greater cross - border economic

yves mersch : the future of europe ’ s financial market infrastructure – the eurosystem ’ s vision 2020 speech by mr yves mersch, member of the executive board of the european central bank, at the sibos conference, singapore, 14 october 2015. * * * ladies and gentlemen, members of the panel, the beauty of innovation is that it never ends. even the best ideas can be enhanced and complemented. the eurosystem, the euro area ’ s network of central banks, has developed two major innovations in the field of financial market infrastructure over the past 15 years : target ( now target2 ) and target2 - securities, or t2s. both platforms have significantly improved the way payments and securities are processed in europe. however, as we look to the future, we see room for further enhancements and consolidation. as we think about where we want to go next, i should stress that our vision for market infrastructure integration is not, nor should be, ours alone. following the success of our collaboration with the market during the development of t2s, we intend to take the same approach going forwards – to work together with the market to identify what its needs are and to draw on the expertise in both the public and the private sectors. through collaboration we will define where european market infrastructure should be heading. as we think about future innovation, allow me to look briefly at past innovations. the digital camera, the mobile phone and the internet were three revolutionary innovations of the last century. but the reason why so many of us now have a smartphone in our pockets is because the innovation did not end there – someone had the idea to combine these tools into a single device. the eurosystem ’ s vision for 2020 is not so different. over the coming years, we will seek to draw on the synergies between target2 and t2s. one idea is to consolidate some components of the technical infrastructure and maybe even form a single platform. this will allow target2 to benefit from some of the state - of - the - art features of t2s, such as the implementation of iso 20022 standards. migration to iso 20022 in target2 was originally planned for november 2017, but upon the banks ’ request, we have postponed implementation and will work together with the market, under the umbrella of our vision 2020, to find the most appropriate method and timing for migration. the enhancements we envisage for europe ’ s financial market infrastructure will benefit users from