to seek membership of the ngfs was greatly encouraged by our dialogues with governor villeroy de galhau, who is also here today, and other colleagues at la banque de france, an institution that has always taken strong international leadership in this area. concluding remarks in my speech today i have mentioned climate - related risk as a new issue in considering financial stability. there are many other challenges that need to be addressed, such as cyber risk, antimoney laundering ( aml ), countering the financing of terrorism ( cft ), and the issue of crypto assets. in addressing these new challenges, i think it is important to continue implementing the four - step cycle that has been repeatedly mentioned today. let me conclude with a quote from a french mathematician henri poincare : “ mathematics is a technique that regards different things as the same. " 2 even if they seem to be different on the surface, things often share a common essence. thank you for your attention. 3 / 4 bis central bankers'speeches 1 see for example in the otc derivatives markets, financial stability board, “ fsb report on market fragmentation, ” june 2019. 2 jules henri poincare, kagaku to hoho, trans. yoichi yoshida ( tokyo : iwanami bunko, 1953 ), 37. 4 / 4 bis central bankers'speeches

##lac ) framework. both of these measures are key features of macroprudential policy : the first is seen as a response from a time - dimensional viewpoint of suppressing influence over time, and the second measure is a response from a cross - sectional viewpoint. iii. current issues for international financial regulation and supervision : market fragmentation following the discussions described earlier, basel iii was finalized in december 2017. it is at present of paramount importance that each jurisdiction fully implements international agreements in a timely manner. after the finalization of basel iii, work continues in terms of both the confirmation of the intended effects of regulations and research into unintended effects, particularly in the fsb and the basel committee. the ongoing assessment work takes into account the interrelationships of multiple regulations in a more explicit way and adopts a more comprehensive and general equilibrium perspective. this continued assessment work is extremely valuable. the issue of “ market fragmentation ” is also crucial to this ongoing regulatory impact assessment work. that is why this issue was one of the policy priorities at this year ’ s group of twenty ( g20 ) meeting under the japanese presidency. some of the financial regulations that have been designed over the past 10 years are likely to involve a degree of market fragmentation. as an example of market fragmentation, it is often mentioned among national authorities and market participants that regulatory responses to different otc derivative trading markets in each country have an impact on global derivatives market trading. unintended forms of market fragmentation may arise as the details of regulations and the timing of their implementation differs across countries. 1 unintended market fragmentation should be avoided because it can have a negative effect on the stability and efficiency of the financial system. market fragmentation is an important consideration when conducting analysis - based policy evaluations, and its discussion with a highlevel consideration in international forums is to be welcomed. v. future agendas of international financial regulation and supervision : environmental problems as a new financial stability issue the progress made over the past 10 years is something to be proud of, but we must not rest on our laurels. there are issues remaining for financial institutions other than banks — for example, non - bank financial intermediaries that are subject to less stringent regulations. the banking 2 / 4 bis central bankers'speeches sector itself is undergoing changes in its business model due to the effects of digitalization and other factors. these are situations that require continuous monitoring. therefore, it is necessary to continue the steady implementation of the four - step cycle mentioned