intend to discuss all 43 of its recommendations in this speech, but that i would only like to highlight a few which hold particular relevance for this audience. the first is the development of a general code of conduct for financial market participants that would be pre - empted by the formation of a financial markets standards group. this group, led by senior market professionals, would provide a forum to discuss compliance issues and to resolve conflicts in standards of market practise. another recommendation is that the necessary data to carry out cross - market 5 see http : / / www. resbank. co. za / lists / news % 20and % 20publications / attachments / 8743 / 2018 % 20fmr % 200 7. pdf page 7 of 9 monitoring and surveillance could be collated via trade repositories, aiding both market discipline and transparency. regulation covering conflicts of interest and market abuse will also be considered. and in addition to our review of benchmark interest rates, regulators may also investigate ways to expand the repurchase market and encourage technological innovation to aid the competitive landscape. a final version of the review is being deliberated and will be handed over to the financial markets implementation committee comprising representatives from the nt, fsca and sarb, to give effect to the recommendations. finally, of specific interest to the audience here tonight, may be the progress that the sarb has made in accommodating collateral substitution in its operations. changes to our systems will allow banks to replace or substitute assets used as collateral in the main repurchase auction, in line with international best practice. in particular, the sarb will be transitioning the current master repurchase agreements into the global master repurchase agreement ( gmra ) to allow for this substitution. system changes are in progress, and full functionality for market participants is anticipated around midmay. once the gmras have been signed, our counterparties will be able to substitute collateral posted at the sarb. collateral substitution is expected to ease some of the demand for high - quality liquid assets through a more efficient use of such assets. more information on these and other initiatives is contained in the fmd newsletter6, accessible on the sarb website, with some printed copies available here as well. concluding remarks let me conclude by once again extending, on behalf of fmd and the sarb, our appreciation to all market participants for your continued support and cooperation, which has aided the orderly functioning of our markets. a

reasons for these impediments to inclusion. when we examine barriers that individual consumers face in becoming financially included, we uncover trustworthiness and reputation. a federal reserve analysis of the most recent survey of consumer finances suggests that the primary reason individuals do not have a transaction account is a simple dislike of dealing with financial institutions. 10 if that dislike emanates from the reputation of the particular bank, or the reputation of the banking industry as a whole, policymakers and financial institutions will not be able to enhance financial inclusion without addressing the reputational context. reputation and innovation i ’ d like to imagine how the public ’ s sense of well - being might be enhanced by their interactions with financial institutions. if we paid attention to the experiences of consumers as they interact with various segments of the financial marketplace, what could we learn? if we see rigidities or imperfections in that interactive experience, what innovation might we imagine that would not only reduce reputational risk but create something new and potentially advantageous? technological innovation was the subject of a recent award ceremony in san francisco. the winners were companies with names like soundcloud, github, makerbot, techmeme, and snapchat, all of which presumably do amazing things, although i don ’ t understand exactly what. 11 but, evidently, the real buzz at the ceremony was over something much more mundane that i for one have no problem understanding. that buzz was around a pedestrian item – a new and improved coffee cup lid. 12 this lid, called foamaroma, reportedly provides exactly the right set of openings to maximize aroma and recyclability, while minimizing the effects of coffee spurting out too fast. the point here is that the innovator noticed something simple that others had not : many coffee shop employees don ’ t drink their coffee from cups with plastic lids like their customers do, so there was a market need that had not been recognized and then addressed. here i am not just talking about the mixed miracle of mobile banking and mobile payments or being able to take a picture of a check with a smart phone and it appearing in my checking account. that ’ s a topic that is amazing in its own right and worthy of a separate speech. i am talking about encouraging banks to pay attention to the banking experiences of their customers and finding process improvements or service elements that may lead to something seemingly mundane but valuable nonetheless. see federal deposit insurance corporation ( 2012 ), 2011 fdic national survey of unbank