william c dudley : remarks at the cpmi ’ s 25th anniversary conference remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the committee on payments and market infrastructure ’ s 25th anniversary conference, bank for international settlements, basel, 30 june 2015. * * * we have three distinguished panelists in this opening session – claudio borio, the head of the monetary and economic department at the bank for international settlements ( bis ), william coen, the secretary general of the basel committee on banking supervision ( bcbs ) and masa kono, who is currently the vice - minister of international affairs at the japan financial services agency and who earlier chaired the international organization of securities commissions ( iosco ) during the development of the principles for financial market infrastructures ( pfmi ). they will offer their thoughts on how the role of the committee on payments and market infrastructure ( cpmi ) has changed and is likely to continue to evolve in its task of setting and helping implement global financial, operational and risk standards for the world ’ s key financial market infrastructures ( fmi ). before i turn to our panelists, let me offer some brief comments on the evolution of the cpmi. as i see it, there have been three broad complementary trends that have been important in influencing the evolution of the cpmi and have contributed to its increased importance over time. as always, what i have to say represents my own views and not necessarily those of the federal open market committee or the federal reserve system. 1 the first trend has been the development of a global financial system. this has increased financial system interdependencies and, hence, the importance of harmonizing standards across national regulatory regimes. it also has made it more important to avoid regulatory arbitrage and race to the bottom types of behavior that could weaken the resiliency and robustness of the global financial market infrastructure. the second trend is the increasing importance of fmis within the financial system. as trading across a more complex array of instruments and products proliferates, and as more trades are centrally cleared, well - managed fmis play an increasingly important role within the financial system. the third trend stems directly from the first two. with the global financial system becoming more prominent and fmis playing a bigger role within this global financial system, it has become ever more essential that major fmis operate safely. when run well, they mitigate risk. but, run poorly, they

timothy f geithner : the economic dynamics of global integration remarks by mr timothy f geithner, president and chief executive officer of the federal reserve bank of new york, at the forum on global leadership : us competitiveness in a globally integrated economy, washington dc, 25 july 2007. * * * we are meeting at a time of relatively favorable u. s. economic performance, but also of growing concern about our relative position in the world and our longer - term economic prospects at home. on a wide range of measures, the american economy and american business are performing well. we are in the fifth year of expansion in the united states and in the midst of the strongest global economic expansion in more than three decades. corporate profits as a share of gdp are close to the highest level in four decades. corporate balance sheets are healthy. the six - month trailing bond default rate has stayed near zero this year, and the delinquency rate on commercial and industrial loans at banks remains extremely low. we have seen a substantial acceleration in trend productivity growth over the past decade. and although productivity gains have slowed recently, as they typically do as expansions mature, u. s. companies remain at the forefront of changes in science and technology — and in the application of those innovations to business processes across a range of industries. overall, the u. s. economy continues to display remarkable resilience and flexibility, despite a range of adverse shocks. this is a remarkably favorable picture ; and yet there is growing concern about the long - term challenges for the u. s. economy and their implications for future prosperity. in parts of the business community, there is growing anxiety about a perceived shift in the locus of dynamism and growth away from the united states toward asia and other parts of the world. public opinion surveys report increased concern among americans about economic security ; about the prospects for future income growth and economic mobility ; and about the implications of the long - term increase in income inequality. and there we can see growing concern among the general public and in the business community about the struggle to find a political consensus to support reforms to help us meet these challenges. the united states has long been one of the most open of the major economies. this basic policy choice, along with a range of other actions that have made our economy relatively flexible, has allowed us to be a substantial beneficiary of the rapid increase in global economic integration and in the growing economic success of the rest of the world. globalization