the ongoing oversight of central counterparties ( ccps ). enhanced cooperation arrangements are also being developed in the context of the central securities depository regulation ( csdr ). responsibility to ensure an integrated retail payments market let me now turn to retail payments. like the large - value payment systems, retail payment infrastructures have also worked well during the crisis. admittedly, they have no direct major impact on the overall stability of the financial system. but they are essential for the proper functioning of a market economy and people ’ s trust in the currency as a means of exchange. europeans ’ trust in the euro can be inferred from their support of economic and monetary union with the euro as the single currency : in the euro area, almost two - thirds of citizens support the single currency ( 63 % ). 3 therefore, besides their function as an overseer for retail payments, central banks also need to build trust, facilitate integration and improve efficiency in this field too. the most prominent integration example in europe is the establishment of the “ single euro payments area ” – in short, sepa. 4 this project aims to harmonise and integrate former european commission ( 2012 ) : standard eurobarometer 77, spring 2012. public opinion in the european union – first results. http : / / ec. europa. eu / public _ opinion / archives / eb / eb77 / eb77 _ first _ en. pdf for more information on sepa see : www. sepa. eu. bis central bankers ’ speeches purely domestic retail payment markets. it is should lead to lower fees, speed up payment execution and foster competition across europe. sepa is one of the most far - reaching transformations in the field of european financial integration. having started as a self - regulatory initiative by the payments industry, the final push had to be provided by the legislator. in this way, concrete end dates for full migration towards sepa credit transfer and sepa direct debit were defined and put forward. currently, the euro area indicators for migration to sepa credit transfers show that about one out of three transfers in euro are already processed in the new sepa format. however, there are still big country - specific differences. in respect of the figures for migration to sepa direct debits, progress is far less promising : less than two out of 100 direct debits are currently processed in the new sepa formats. today sepa is a reality and as i speak, it is harmon

u. s. commodity futures trading commission ( cftc ), which took the lead in otc derivatives rule - making in the united states, has recognized that osfi ’ s requirements are equivalent to the u. s. rules in a number of cases. 18 however, the commission still wants canadian banks to submit to its oversight, which could include on - site visits. canadian and u. s. authorities are working together to limit the additional burden this places on affected banks. as noted, monitoring exposures in the derivatives market is important for helping to reduce systemic risk. to do so, authorities need access to transactions data held in trade repositories. however, a provision in dodd - frank that requires authorities using these data to sign an indemnity in the event of their misuse effectively precludes the bank of canada, osfi and others ( including the u. s. federal reserve ) from obtaining this information. 19 consequently, the data on otc transactions performed by canadian banks and reported by them to u. s. trade repositories are currently not being used to assess systemic risk in the otc derivatives market. to summarize, national authorities should strive to build trust and achieve more cross - border recognition of comparable regulatory requirements. such an approach would reduce regulatory uncertainty and enhance the ability of market participants — ranging from global banks to small factory owners and farmers — to hedge risks and protect themselves from economic shocks. improving cross - border payments let me turn now to cross - border payments, an issue that all of you have likely had some experience with as consumers or in your businesses. as you know, sending funds to or receiving them from the united states or any other country is slow, inconvenient and costly. s. o ’ malia, “ no answer yet to cross - border concerns, ” international swaps and derivatives association, 11 may 2015. available at http : / / isda. derivativiews. org / 2015 / 05 / 11 / no - answer - yet - to - cross - border - concerns. the financial stability board publishes an annual report on the implementation of reforms in the otc derivatives market. the 2014 report is available at www. financialstabilityboard. org / 2014 / 11 / eighth - progressreport - on - implementation - of - otc - derivatives - market - reforms /. the dodd - frank act allows exemptions where there is comparable, comprehensive supervision and regulation in the home