the eurosystem has contributed to reshaping and consolidating the infrastructure for large - value payments, for post - trading services for financial instruments and, most recently, for instant retail payments. over the next two or three years we aim at taking measures to consolidate target2 and target2 - securities ( t2s ), in particular by delivering a centralised liquidity management function ; developing a single collateral management system that will be capable of managing the assets used as collateral in eurosystem credit operations for all euro area countries. harmonization agenda more harmonization is necessary to achieve a safe and efficient european post trade landscape. the european post trade forum ( eptf ) report identifies barriers which have not yet been dismantled ( formerly known as “ giovannini barriers ” ), as well as new bottlenecks which need to be addressed to promote more efficient and resilient market infrastructures in the eu. these include : 2 / 3 bis central bankers'speeches inefficient withholding tax collection procedures legal inconsistencies and uncertainties fragmented corporate actions and general meeting processes more harmonisation of national insolvency rules is needed to make european resolution more effective. the recently agreed proposal ( december 2018 ) is a minimum harmonization directive allowing member states to go further when transposing the rules into national law. european issuance an important element in a well - functioning capital market is the smooth interplay between issuance on the primary market, investors and secondary markets. in europe, the issuance and distribution of securities is still complex and operational cost are elevated. securities are still issued along different national rules, standards and habits. central securities depositories ( csd ) play a pivotal role in this process. today, issuers usually issue in one csd. all other csds, and their national customer base, need to access these securities by connecting to this initial one. this chopped - up process is complex and relatively expensive. investors and issuers alike see scope for improvements. 1 the progress made is evaluated using five categories : “ no progress ”, “ limited progress ”, “ some progress ”, “ substantial progress ” and “ full implementation ”. “ no progress ” means that the member state concerned did not even “ credibly announce ” measures that would aim to address the policy recommendation. 3 / 3 bis central bankers'speeches

communications. increasingly, mobile devices are the preferred channel for consumers to make payments conveniently from anywhere and at any time. the second is the ability to process payments and move funds instantaneously around the clock. towards this end, bank negara malaysia ’ s wholly - owned subsidiary myclear has initiated a multi - year program to modernise malaysia ’ s payment infrastructure. the key thrust of this plan is to develop a new real - time retail payments platform that will serve as both a catalyst and enabler for innovative payments in malaysia. this should meet the needs of consumers and businesses who increasingly expect payments on - demand where funds are available to the recipient immediately. in this regard, i would like to call upon the financial industry to jointly work with myclear in the development of such new real - time retail payments platform. conclusion payment and settlement systems are the foundation that underpin the financial market infrastructure and serve as a catalyst for economic growth. hence, efforts to promote the bis central bankers ’ speeches resilience, interoperability and competition of such systems are of utmost importance. this has been and will continue to form the key thrust in bank negara malaysia ’ s policy work in delivering our mandate of fostering safe, efficient and reliable payment systems. there are immense opportunities and new sources of growth including expanding financial accessibility to the underserved that is made possible from greater standardization and interoperability of the payment systems, as well as, innovation. hence, in today ’ s rapidly evolving and highly competitive environment, the financial community should capitalise on such enabling environment, and collaborate through standardisation and interoperability, to lower costs, foster innovation and deliver better value proposition and choices to their customers. bis central bankers ’ speeches