Objectives of the session
Financial infrastructures – High Value Payments, Low Value Payments, central securities depositories, securities settlement systems, central counterparties, and trade repositories… at the global level must be reliable and cost effective in all circumstances. These infrastructures in which many banks and other financial institutions are participants to, and in many cases also participate in each other’s, also constitute critical links of the global financial web raising important financial stability issues.
In a context of ever developing volume and sophistication of transactions globally, the digitalisation of transactions, the development of the new infrastructures underpinned by distributed ledger technologies, have demanded launching ambitious modernisation projects and strengthening regulations and standards. Addressing cyber threats was also a priority. A close cooperation between the private and public sectors was necessary.
However, more recently, in many regions the need for sufficient autonomy in order to preserve the continuity of transaction, raised progressively additional challenges, further compounded by the de-globalisation and fragmentation trend as well as the Russia Ukraine war sanctions.
This session is therefore dedicated to a general take stock on the issues unfolding in the global financial infrastructures area and in particular cross border ones in order to qualify the progress achieved as well as outline the possible emerging priorities.
Points of discussion
- War are the observed consequences of the Russia Ukraine war for global payments?
- What progress have the G20 work done and what are related main achievements after two years and the road ahead to achieve the 2027 targets?
- What are the main regulatory efforts witnessed globally and, in the EU (MiCA, DORA…)?