mauritius will no doubt oversee the workings of this market to ensure that risks are properly controlled, that banks have adequate capital to support the risks taken and that there is adequate transparency regarding the size and nature of the derivates market as it unfolds in the future. i am personally hopeful that operators will put in place adequate systems for measuring, managing and controlling on - going risks being taken on board. most people would have learnt the necessary lessons from the collapse of barings. but other types of risks associated with derivative trading can crop up and it would be necessary to put in place an adequate number of safeguards against unexpected market movements to ensure prudent and sound management of the banking environment. derivatives are seen in this context as a vital tool for risk management provided they are carefully handled and there is sufficient capital to support unexpected losses. i am confident that the additional dimension that can be given to our financial sector activity by embarking on the derivatives market will enhance the market environment and increase the job satisfaction of our qualified treasurers by putting into their hands a wider range of tools to work with. i am sure that the workshop will help to reinforce your confidence in your ability to deliver on the products, given the extensive experience of your main presenter at the workshop. may i wish you successful deliberations so that all of you come out better equipped by the end of this workshop. thank you

glenn stevens : financial regulation – australia in the global landscape address by mr glenn stevens, governor of the reserve bank of australia, to the australian securities and investments commission ( asic ) annual forum, sydney, 26 march 2013. * * * the title of this session is “ australia as a global citizen ”. accordingly, i will seek to set financial and regulatory developments in australia in a global setting. this is worth doing for its own sake, since local discussion is better informed if we can see how the various initiatives fit in to the broader setting. it is also important to remember that australia, along with all other jurisdictions that sign up to international standards, will be evaluated by our peers. so it ’ s worth spelling out our approach to some key issues. in addition, from the end of this year australia will have responsibility for chairing the g20 for a year, and financial reform and regulation have been prominent on the g20 ’ s agenda in recent years. so australia ’ s political leadership will have some responsibility for shaping, for a brief period, the oversight of the process. it is worth starting to think about how this might be done. as a “ global citizen ”, australia has the responsibilities and rights of that “ citizenship ”. the responsibilities are to uphold and play by the rules that are globally agreed, which include implementing global standards in regulation and oversight, and encouraging others to do so. the rights we have are the same as those of others : to have our say and to play our own part, however modest and small, in the development of those standards. something that is a bit new and, overall, refreshing is that australia actually does have a place at more of the relevant tables than it used to. asic has long been a member of the international organization of securities commissions ( iosco ) as were its predecessor organisations the asc and the ncsc. it is quite a feather in the cap for asic that its chair has this month assumed the chair of the iosco board. the expanded membership of the basel committee on banking supervision ( bcbs ) now allows australia two members – apra, naturally, and the reserve bank – where we had none before. the financial stability board ( fsb ) likewise allows us two seats, compared with one previously, and membership of some of the key committees. the international financial landscape in the wake of the crisis that swept europe and north america, the international regulatory environment for the financial system has changed significantly. an expanded financial