said, it's still essential to find some common ground and establish a global baseline for taxonomies, disclosures and other measures to increase transparency. greater harmonisation will enable the necessary funds to be raised for our climate agenda by enhancing interoperability and comparability. with more comparable information at hand, investors can better assess risks as well as the impact of their investments across countries and projects. central banks and supervisors also stand to benefit from increased transparency. more transparency allows for more detailed and realistic risk assessments, which in turn bolsters supervision and financial stability analyses. the ngfs has identified best practices around the world and provided guidance for supervisors on how to account for climate - related risks. and it has developed scenarios that help assess risks to the financial sector and the economy at large. these scenarios, our flagship product, have been put to use in climate stress tests by central banks, supervisors and the private sector worldwide. the ngfs recently updated the scenarios and is striving to further improve their sectoral and regional granularity. this will give a clearer picture of regional adaptation and investment needs. at the same time, new risks may become apparent, which might prompt investors to refrain from investments in emerging and developing markets. in other words, transparency can be a bit of a double - edged sword. however, the solution is not to turn a blind eye to these risks. in my view, the benefits of boosting transparency by far outweigh the potential downsides. as central banks and supervisors, we have to ensure that financial institutions take all relevant risks into account. at the same time, scaling up private investment in emerging and developing economies is imperative to drive the green transition. blended finance could be one way to reduce investors'concerns. this can be a powerful means of unlocking private investment in projects or regions that are associated with high risk. the world bank has been a true trailblazer in this area. the ngfs will start work on blended finance as well. collaboration with all stakeholders will be crucial for our success. the ngfs stands read! 1 international energy agency ( 2022 ) world energy outlook 2022. oecd publishing, paris. 2 songwe v, stern n, bhattacharya a ( 2022 ) finance for climate action : scaling up investment for climate and development. london : grantham research institute on climate change and the environment, london school of economics and political science. 2 / 2 bis - central bankers '

treatment of securitised assets, as well as disclosure, separation and other requirements for the various roles that banks take on in a securitisation transaction. the guidelines seek to define clearly the roles, responsibilities and risks that banks retain or undertake, when they participate in a securitisation transaction. they also ensure that banks hold appropriate capital against the risks they accept. thus, a bank that has securitised its assets will be granted capital relief only where the transfer of risks and rewards of the securitised assets has been effective and complete. the internet and its impact on the securities industry the second major issue is the impact of technology and the internet on capital markets. in the securities industry, the internet has caused fundamental change, slicing the value chain more and more finely, and recombining it in novel configurations. functions previously offered as a package by brokers, such as analysis and advice, recommendation and order routing, are being separated and broken up. new entities, such as aggregators or navigators, have emerged, offering hitherto - unseen types of services. these changes will bring major benefits to the industry and investors. firstly, the internet has fostered a free flow of investment information. with a surfeit of news, financial institutions are rethinking their business models. research and analysis previously available to be published as notice 627. to be published as notice 628. similar guidelines will be issued to finance companies and merchant banks. only at substantial fees to institutions and high net worth individuals are gradually becoming available to online retail investors as well. 6 secondly, the internet offers increased business opportunities and potentially limitless reach. thirdly, the internet offers increased scope for cross selling financial products. successful online firms like charles schwab and e * trade are leveraging on their huge customer base to diversify into banking, bill payment and other areas of services. 7 lastly, do - it - yourself finance facilitated by the internet allows institutions to cut whole layers of customer administration costs. the internet is reducing the cost of capital, at the expense of the spreads that intermediaries traditionally enjoyed from a proprietary informational edge. this reduction of what has been called “ knowledge float ” will benefit both lenders and borrowers. but at the same time, the internet means new challenges. the same borderless nature can mean footloose customers and businesses. cyberspace so blurs physical distinctions and facilitates convenient access that financial institutions can uproot