euroclear “ cmu and innovation ” conference 3 october 2024 opening address by denis beau, first deputy governor what will tomorrow ’ s post - trading industry look like and what forms of cooperation will it deploy? ladies and gentlemen, in a tougher and more fragmented world, an increasing body of analyses and reports are identifying europe's vulnerabilities – especially in the economic and financial sphere – and proposing ways of remedying these by leveraging and consolidating our key competitive advantages. these levers include europe's financial firepower, which is not currently commensurate with its economic heft, even though it has to contend with major investment requirements for two necessary transformations in the digital and climate spheres that hold immense promise for the future. from this perspective, the post - trading industry has a key role to play in harnessing these new digital technologies and processes which are developing before our eyes and transforming our financial system. from my perspective as a central banker, tasked with overseeing the efficiency and security of the post - trading infrastructures that are so crucial to the stability of our financial system, these innovations constitute both opportunities and risks. their deployment therefore raises strategic and operational questions that we need to answer collectively if we are to ensure that tomorrow's post - trading infrastructures safeguard the competitiveness and sovereignty of our financial system, while maintaining the stability that the legislator has tasked us with preserving. this raises the following two questions in particular : what will the post - trading services industry look like in the wake of these transformations? page 1 of 5 what path should we follow to transition to the post - trading environment of tomorrow, without jeopardizing security and efficiency? to help move the debate over the potential solutions forward, i would like to talk to you this evening about how we at the banque de france see both the development of our service offering in terms of assets used to settle transactions and infrastructure that can help to shape the posttrading environment of tomorrow, and the cooperation arrangements and priorities that need to be established to ensure a smooth transition to this new environment. i. the eurosystem's changing service offering to perform its financial stability mandate with regard to post - trading infrastructures, the eurosystem uses three instruments : the provision of services, supervision and boosting market initiatives. within this toolbox, the provision of services has long played a key role. this has meant that infrastructure services t2 and t2s and central bank money take centre

thomas jordan : innovation and entrepreneurship - key success factors in a changing business environment summary of a speech by mr thomas jordan, chairman of the governing board of the swiss national bank, at the award ceremony 2018, de vigier foundation, solothurn, 30 may 2018. * * * the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). for many decades, switzerland has been among the world ’ s most successful economies. if it is to maintain this position in future, openness to new technology will be essential. in addition to taking over technologies created elsewhere, switzerland will need to ensure that domestic companies are able to develop their own market - ready innovations. various factors can facilitate success on this front, whether in established companies or startups. above - average operating conditions – including low bureaucratic hurdles for the set - up and day - to - day running of companies, reliable patent law and ready access to financing, for example – are crucial. another important parameter is open market access, not least for foreign competitors ; barriers to entry for new firms are extremely harmful to economic wellbeing. the education system is also a significant determinant of a country ’ s innovative potential. switzerland invests heavily in high - quality education, both at university level and in the form of specialist vocational training schemes, which helps explain its status as a global leader in research and development. and finally, it is vital to promote a culture of entrepreneurship. the will to pursue a given business activity and succeed is critical if promising ideas are ultimately to evolve into marketable products or processes. switzerland cannot be truly ambitious without ambitious entrepreneurs, and surveys suggest that the country still has room for improvement here. against this backdrop, steps should be taken to cultivate innovative drive and entrepreneurial thinking early on, for instance by encouraging high school students to do projects in which they found their own small companies. various universities already run programmes designed to assist young researchers in bringing innovative products and services to market. private initiatives also play a significant role in nurturing entrepreneurship in switzerland, helping young people learn how to transform an idea into an innovation and operate a business. 1 / 1 bis central bankers'speeches