Speech given by Dave Ramsden, Deputy Governor for Markets & Banking, in which he focuses on technological developments and also resilience, two themes which resonate with his responsibilities at the Bank and his priorities for 2019.
The post-trade system is a key component of a bigger effective, efficient, and resilient financial system; one much reformed since the financial crisis of eleven years ago.
A key feature of the financial system is it is one of multiple interdependencies, and it is this interdependent nature which is why Mr Ramsden choses to focus on resilience and innovation.
On the face of it, these two concepts are quite different – one referring to the ability to return to a previous state, the other referring to making change. But in practise they are irrevocably linked.
An environment that prioritises resilience and innovation is one that ensures post-trade continues to thrive and adapt to technology, finance, and wider changes in the economy, whilst avoiding costly fragmentation.
The Bank is playing its part here, with strategic goals on the one hand focussing on the need to innovate and drive change (Fintech; RTGS), but on the other on maintaining resilience (operational resilience; RTGS) – demonstrates that well.
He concludes: “That’s why we’re focussing on providing a platform, via the right hard and soft infrastructure, for innovation to flourish. And why we will never slacken our focus on the criticality of resilience.”
Full speech
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