the sector. unless the environmental and animal - welfare issues are resolved, the restraints on pig farmers will become even tighter, and it will be increasingly difficult to continue to expand production as in the last decades. some take the consequences and invest in places like poland and ukraine. this is globalisation in the true sense of the word and offers good growth opportunities. with the initiative and enterprising spirit that characterises danish agriculture, and particularly the strong technological foundations that the pig - farming and processing industry rest on, i have no doubt that pigs will also be farmed and slaughtered in denmark in the coming years. however, you will probably need a smaller and smaller venue. i wish you a good congress.

briefly walk you through today ’ s topics, and highlight a few key takeaways that deserve further consideration and elaboration, both within the regulatory community and the financial services industry. today ’ s conference focused on two broader topics covered in separate sessions : first, extending central clearing and second, climate change risks in financial markets. our first topic revolved around extending central clearing. looking back at the pandemic, ccps ( central counterparties ) have played a key role in stabilising financial markets. they upheld trust among market participants and maintained a steady market supply. and it seems that ccps ( central counterparties ) are functioning smoothly and contributing to stability and security in the current situation. let us hope that it stays that way. this continuity was the main reason for the introduction of mandatory clearing of otc ( over - the - counter ) derivatives in the wake of the 2008 - 09 financial crisis, where it became clear that ccps ( central counterparties ) could make a valuable contribution to a resilient financial market. hence, there is a recurring discussion about enhancing central clearing, for instance by extending the range of market participants or the types of products it might include. regarding market participants, more and more voices in europe and the us ( united states ) are saying that the existing ccp ( central counterparty ) access arrangements need to be overhauled so that more participants can be included. this would be consistent with the g20 ( gruppe der zwanzig ) objectives “ to reduce concentration risks and enhance the portability of client positions, while making a valuable contribution to strengthen the resilience of the overall financial system ”, which underpinned the introduction of mandatory clearing for otc ( over - the - counter ) derivatives. another way to expand central clearing may be to widen the clearing obligation to cover more product types. in the us ( united states ), there have been calls to make central clearing mandatory for us ( united states ) treasuries, as these products perform an important function for financial stability. however, new regulatory requirements and actions are often necessary to put such changes into practice. to support such initiatives, the use of new technologies, like distributed ledgers, could make a significant contribution to more efficient clearing and settlement processes, and consequently reduce ccps ( central counterparties ) ’ costs. nevertheless, the technology is still in its infancy. and we have to consider that any use of new technologies should consider not just the benefits, but