denton rarawa : 2016 solomon islands money day theme “ take part. save smart! ” speech by mr denton rarawa, governor of the central bank of solomon islands, at the opening of the solomon islands money day program, honiara, 27 june 2016. * * * permanent secretary of ministry of education and human resources development, commercial banks ceos, primary schools represented here this morning, representatives of government ministries, state owned enterprises, members of national financial inclusion taskforce, ladies and gentlemen. a good morning to all of you. you all look so colourful. thank you for waking up early and also for taking part in the parade from honiara town council to this venue. today we are gathered celebrate two events. first is the 40th anniversary of central banking in solomon islands. cbsi turned 40 on 21st june 2016, after the solomon islands monetary authority began its operation as a legal entity in 1976. solomon islands monetary authority changed name in 1983 to the central bank of solomon islands as we know it today. the second and an important reason why we gather here is to participate in our national financial inclusion public education drive, which is normally celebrated on cbsi anniversary day. we now decided to call this event the solomon islands money day. we hope that solomon islands money day will continue to be organized each year to promote the financial education to the general public each year. this year ’ s solomon islands money day theme “ take part. save smart! ” this theme is adopted from this year ’ s global money week ; which we were not able to hold during the first quarter of this year. we are very excited about this theme because it carries the message that it is time that we empower our children and youths by encouraging them to take part and save their financial resources smartly. for the central bank and the national financial inclusion taskforce, this is the first ever program that is focused on financial education for our children and youth, and it is one of our national financial inclusion goals. as a matter of fact, solomon islands has commitments both regionally and internationally to facilitate financial education in collaboration with the government to integrate financial education in our school curriculum. regionally we have the 2020 money pacific goals and internationally the alliance for financial inclusion maya declaration where central bank of solomon islands is committed to champion financial education through close collaboration with the government to integrate financial education in the existing solomon islands national school curriculum from class 1 to form 3 by year 2013. work to integrate financial education in our school

lseg and deutsche borse had already planned a merger in 2016. the european commission, however, recently announced that it had blocked the plan, which in its opinion would have created a virtual monopoly of the clearing market for fixed - income instruments : in fact the new group would have included the four central counterparties with the largest volume of business in this segment. competition in clearing for equity derivatives would also have been significantly reduced. even if they are controlled by a foreign entity, the trading and post - trading management companies remain fully responsible for all operating processes. they are supervised at the domestic level by the bank of italy and consob. indeed, unlike banks, markets and market infrastructure are supervised at the solo level, rather than on a consolidated basis. controlling shareholders can be located outside the eu provided they meet the requirements of integrity and capital adequacy. when the uk leaves the eu, the bank of italy and consob will need to have closer contacts with controlling shareholders. when some of the cooperation mechanisms envisaged by european legislation are no longer in place, the italian authorities will have to step up their efforts in the sphere of crossborder supervisory cooperation, as well as increase their bilateral cooperation with the uk supervisory authorities. at european level, brexit raises a matter of some importance regarding the supervision of central counterparties, since euro - denominated financial instruments, especially derivatives, are mostly cleared by uk - based entities. 4 we will need to make sure that supervision of uk central counterparties does not fall below the level set by european regulations for the main stability profiles : prudential supervision, currency of cleared contracts, and market control. esma proposed a review of emir to strengthen the process of recognizing the third - country ccps and provide forms of direct supervision by the european authorities. in the weeks to come, the commission will publish its proposed review of emir ; the prospect of the uk ’ s exit requires this aspect to be carefully considered as well. * * * prime minister may ’ s letter triggered for the first time the process by which a member state can leave the union. difficult negotiations will now begin, although they will not be lengthy since the treaty imposes strict time limits, given the technical complexity and political sensitivity of many of the issues. both sides will require foresight and good will. for example, in the case of interest rate swaps, 50 per cent of global trades and 90 per cent of standardized swaps ( i. e