mohd razif bin abd kadir : shared services and outsourcing in the malaysian financial sector address by mr mohd razif bin abd kadir, deputy governor of the central bank of malaysia, at the shared services and outsourcing in the financial sector – a joint forum by bank negara malaysia and the multimedia development corporation, kuala lumpur, 13 november 2007. * * * distinguished guests, ladies and gentlemen, it is with great pleasure that i welcome you to the inaugural forum on shared services and outsourcing ( sso ) in the financial sector. this forum is jointly organised by bank negara malaysia and the multimedia development corporation in a cooperative initiative to enhance the significance of sso in the malaysian financial sector. the organisation of this event, which focuses specially on the financial services industry and its players, is a timely bringing together of minds to discuss the issues and concerns faced by financial institutions in sso. the growing significance of the global sso market suggests to the financial industry players that the outsourcing of operations which would otherwise be performed in - house is certainly an idea worth exploring. according to a recent study by frost & sullivan, the global sso market was estimated to be worth us $ 930 billion in 2006 and is forecasted to reach a market size of us $ 1, 430 billion by end - 2009. further, the banking, financial services and insurance sectors had the largest sso spending in 2006 at an estimate of us $ 273 billion or almost a third of total sso spending. this is not surprising news, given that major global players in the industry such as hsbc, standard chartered and citibank have established sso centres on our shores. regional players such as maybank, cimb and ocbc have also outsourced certain operations here to increase their productivity levels. we are happy to have them here today to share their experiences and perspectives. it would not be presumptuous of me to say that the financial institutions in malaysia are in an enviable position where sso is concerned in view of malaysia's standing as a leading destination for the establishment of sso hubs. a. t. kearney ranked malaysia as the third most attractive outsourcing centre in their global services location index in three consecutive reports, including this year's index. the report states that malaysia was a " natural choice " for outsourcing in view of its low costs, modern infrastructure, business environment and high levels

axel a weber : finance after the turmoil – shape of markets and regulation opening statement by professor axel a weber, president of the deutsche bundesbank, for the panel discussion " finance after the turmoil : shape of markets and regulation ", at the 18th frankfurt european banking congress, frankfurt am main, 21 november 2008. * * * introduction mr ackermann, ladies and gentlemen the decision to run this panel under the title “ finance after the turmoil ” proves that the organisers belong to the more optimistic camp. and like most optimists over the past months, they have been proven wrong. of course, for a forward - looking policy process it is essential to learn from current events to build a sustainable future. this work on lessons learnt is ongoing in several international and national fora. the bundesbank is making every effort to play a constructive role in these processes, and, thus, it is a pleasure and an honour to share with you some thoughts on finance after the turmoil, even though times are still turbulent. current challenges are twofold. the first aspect is crisis management and focuses on the resolution of institution - specific problems as regards liquidity and solvency. moreover, it also concerns financial system rescue packages, their implementation, application and international coordination. the second challenge is to use the current window of opportunity to bring about lasting structural changes regarding the regulation of financial markets. the aim of such changes ought to be a financial system that is more resilient to the kind of disruptions that we are currently observing. i would like to share with you some thoughts on crisis management – especially from a german point of view – and on crisis prevention – the latter, of course, in a more international context. crisis management as you all know, it was the insolvency of lehman brothers that led to the dramatic intensification of the financial turmoil. as an aside, there seems to be a broad consensus that allowing this bank to go bankrupt was a mistake in view of the ensuing heavy losses. owing to a rapid rise in counterparty risks following the lehman insolvency, wholesale funding markets almost completely dried up causing a number of financial institutions that relied heavily on wholesale funding to run into serious difficulties. furthermore, financial market participants were forced to fire - sell assets thus amplifying market losses. after taking emergency rescue action for single institutions and in light of escalating worries among depositors, it became apparent that this systemic crisis needed a more systemic response. many countries implemented