enough to guarantee that algorithms are harmless. this is particularly true for activities such as granting credit or pricing insurance, where customer segmentation is part of normal business and risk management practices in a competitive environment. speakers at the following round tables will no doubt explain how they are tackling these challenges in practical terms. i would simply like to share one conviction. one of the challenges, if not the main challenge, is to get specialists from very different backgrounds to talk together and understand each other : data scientists, legal experts, specialists in human - machine interaction, auditors, etc. i mentioned earlier the need for cooperation between data science and cybersecurity : as you can see, the circle of cooperation that needs to be put in place is actually much wider! to address these new aspects, and to provide proof that the various regulatory requirements are being met, financial institutions will need to enhance their skills by acquiring new human and technical capabilities. as market surveillance authority and prudential supervisor, the acpr will ensure that risks are effectively managed. compliance with the ai act is naturally more than just an administrative process of internal labelling, and the supervisor cannot simply'tick boxes '. on the contrary, the supervisor will have to ensure that the algorithms are managed and monitored by competent people who understand their inner workings. this means, of course, that the financial supervisor itself has to acquire new skills and adapt its tools and methods. we will have to gradually establish a set of rules regarding new issues such as explainability, a topic on which the acpr has already published some proposals in the past, or the fairness of algorithms. we will also need to develop a specific methodology for auditing ai systems. we cannot and must not take this methodological step alone : instead, we need to build synergies with all the other ai supervisors in france and europe. ai regulation is cross - sectoral and the supervisors will not escape the pressing obligation of cooperating in this area, which involves so much diverse expertise. today, i would like to extend this call for cooperation to the whole financial sector. articulating the ai act with sector - specific regulations, clarifying expectations, sharing best practices, developing audit methodology : supervisors and the supervised share 3 / 4 bis - central bankers'speeches many challenges, and we will overcome them all the more easily if we are able to move forward together. the acpr is now preparing itself for the 2026 deadline : as it has already done in the past,

francois villeroy de galhau : for a high speed and safe journey into the financial future speech by mr francois villeroy de galhau, governor of the bank of france, at the bank of france high - level conference on speed and innovation in financial markets and market infrastructures, paris, 28 january 2025. * * * ladies and gentlemen, it is a great pleasure to welcome you to this high - level conference organised by the banque de france on speed and innovation, and how they could be disruptive for financial markets and market infrastructures. let me thank emmanuelle assouan and her teams for setting up this event. i would also like to extend my warm thanks to all participants from industry, public authorities and central banks who will give their views during three roundtables today, including my colleagues and friends andrea maechler, piero cipollone and naoto shimoda. it is a premiere for a banque de france conference to be held here at the cinematheque francaise, which is definitely an excellent venue for our theme of today : we are here in the place where speed is made art. as you know, cinema was invented in france by the lumiere brothers in the late 19th century. during the projection in 1896 of one of their very first movies, the arrival of a train at la ciotat station, the audience was so overwhelmed by the moving image of a train coming directly at them that people ran away. but we do not fear speed anymore, on the contrary : it has become a key success factor in financial markets and market infrastructures, yielding high benefits. transactions and their settlement have already become dramatically swifter over the last decades – notably in france, which was at the forefront in dematerialising securities – and will continue gathering speed. i will first elaborate on the reasons why, in a fast - moving environment, resilience must be preserved in order to ensure financial stability ( i ). our public - private partnership has to evolve, with a view to enhancing crossborder payments and the holistic project of creating a shared ledger ( ii ). i. a fast - moving financial system whose resilience must be preserved in order to ensure financial stability markets are undergoing structural changes, all driven by increased speed aimed at achieving higher efficiency. automation and high - frequency trading are driving a rise in daily trading volumes ; new participants have emerged, and incumbents have evolved. nowadays, robots and algorithms are unlock