mishaps. we must do as mountain - climbers do – tie ourselves together – because we are all in this together : central banks, financial service providers, fintech firms, consumers, regulators, and politicians. and our success in combining forces will determine whether we reach the mountain peak or have to go back to base camp again. all systems can break. this is why some of us still use paper banknotes, even though they are not the most sophisticated technology. but their security has been improved upon over recent centuries. try imagining what would have been the main topic at a conference in florence at the time of the first medici ’ s. as with paper money, the technologies we are discussing here today will become more secure, although we will encounter blizzards. our role is to prevent or reduce the likelihood that those blizzards will create systemic risk.

##security. today the focus is on financial market infrastructure. one of the questions being asked in this section of the conference is, “ what challenges are likely to emerge with new operating models and new actors in the financial sector? ” as i said before, the fintech snowstorm is already here. the newest challenge with respect to cybersecurity is the emergence of new players offering financial services, some of whom have not provided financial services before. the question therefore becomes : what technology are they using? is it established, or is it new and unknown technology? we also know that attitudes towards security and operational risk are important. but with tech firms rushing to offer new products to the market, there is the risk of insufficient emphasis on security. this is a risk that must be monitored – not only for new products or for new players, but also for incumbent businesses. tech giants like google, apple, and alibaba look set to become dominant players. their advantage comes from providing cross - border services and having already gathered significant information about users. they are already present in the nordic marketplace. this development may lean towards monopolies, as it can create entry barriers for new and smaller players in the market. if that proves to be the case, it could have a negative impact on competition and go against the aims of the psd2 ( the recent eu directive on payment services in the internal market ( 2015 / 2366 ). this risk is greater when the payment mechanisms are outside the jurisdiction of the relevant state. then there is the question of supervision. will the new solutions be supervised, and if so, how? the challenge here is that many new solutions are global, and thus outside the european economic area or the european single market. such supervision thus requires crossborder cooperation among supervisors. the challenge for the supervisor is also to maintain a comprehensive overview of the market. for the legislator, it is a challenge to stay on top of rapid technological developments, as rules tend to lag behind technological changes. financial market participants must commit fully to guarding the system. cybersecurity needs to be promoted at all levels. with respect to this fast - changing technology, keeping one step ahead of antisocial elements is a constant challenge. as i see it, cooperation is the only way forward. it is vital that all financial system entities work together on all fronts – within and between countries – to identify and address vulnerabilities. we need to share both our successes and our