this work is being carried out by the committee on payment and settlement systems and by the technical committee of the international organization of securities commissions. these two committees published new international standards for public consultation in march. we hope that the regulatory agencies in the united states, and those in other major countries, can adopt a single set of enhanced risk - management standards that will apply to all systemically important financial market utilities globally. coordination among regulators, both within and between countries, is especially important in light of the increasing interdependencies among financial market utilities around the world. 15 what was once a landscape of numerous, separate clearinghouses that operated largely independently from one another has now become dominated by fewer and larger clearinghouses supporting more integrated markets and consolidated, global financial firms. moreover, the same globally active banks participate in all of the major clearinghouses, and reflecting on these changes, a 2008 report by the bank for international settlements committee on payment and settlement systems noted the extensive scope of interdependencies among these financial market utilities. see committee on payment and settlement systems ( 2008 ), the interdependencies of payment and settlement systems ( basel, switzerland : bis, june ) http : / / www. bis. org / publ / cpss84. pdf. bis central bankers ’ speeches the major clearinghouses often rely on similar sets of banks for payment services, funding, settlement, and emergency liquidity. in such a world, problems at one clearinghouse could have significant effects on others, even in the absence of explicit operational links. the need for strong risk management and oversight will only increase as we go forward. conclusion clearinghouses around the world generally performed well in the highly stressed financial environment of the recent crisis. however, we should not take for granted that we will be as lucky in the future. past crises, including the financial panic of 1907 and the 1987 stock market crash, led to significant reforms and improvements in clearing and settlement that paid off in subsequent periods of financial stress. given the growing interdependencies among clearinghouses, along with the new mandates for central clearing, now is a good time to reflect on the lessons of the recent crisis and consider whether further improvements are possible. for more than a century, financial stability has depended on the resilience under stress of clearinghouses and other parts of the financial infrastructure. as we rely even more heavily on these institutions in the united states and around the world, we must do all that we can to ensure

to ensure it is future - ready. as i have said before, " the code is a cornerstone of consumer protection in financial services in ireland, establishing a set of rules and expectations for how firms should treat their customers and has allowed the central bank to intervene to protect consumers. " the changes we have proposed build on the existing code, reflecting the provision of financial services in a digital world. 1 / 3 bis - central bankers'speeches we have had very active and important engagement with stakeholders on the code, with feedback coming through from across industry, civil society and other government agencies and regulators, as well as from the minister for finance. the feedback we have received has been broadly positive with many stakeholders welcoming the proposals. we are aiming to publish the revised code early in the new year. when implemented, consumers will benefit from a package of protections that reflect how they are accessing financial services today. regulated firms will benefit from a clearer articulation of their code obligations. as you know, we are also making changes to our supervisory model, which we will begin to implement in january. the new model remains risk - based, but is evolving to deliver a more integrated approach drawing on all elements of our mandate ( consumer and investor protection, safety and soundness, financial stability and integrity of the system ). this enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector. firms will hear one consistent voice from the bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate. we will promote a more open and transparent supervisory approach. to enable and implement our new supervisory framework we need the right operational approach and organisational structure. we are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes. importantly, our supervisory model will place consumer protection at the heart of day - today supervision. it will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in this changing financial landscape, as highlighted by the oecd report. this is why this review by the oecd is so important, as it provides us with recommendations and insights that will support our ambition to transform and will be incorporated into our transformed supervisory approach. the oecd's assessment that the central bank is operating in line with the high level principles is very positive. we also welcome the recommendations on how