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[ ADVERTORIAL ]
Thomas Zeeb , head securities & exchanges , member of the executive board , SIX
are unsustainable .
The Recovery and Resolution regimes developed since 2008 could face severe strain in the event of a new crisis . The fact that market infrastructures today are being encouraged by regulators to ensure that their R & R systems work with their peers and competitors in other jurisdictions suggests a lack of confidence in their ability to coordinate crisis management at a regulatory level .
Individual challenges These observations at a macro level should not mask potential challenges to individual market ecosystems . Disintermediation by new entrants and attendant risks from new business models are not fanciful considerations . At the more extreme end are unregulated cryptocurrency exchanges , but one need not look to the fringes of financial activity for evidence . Telecoms companies , for example , are already offering accounting services ; from there to banking services is not a big leap .
This is hardly an exhaustive list of issues we need to consider in strategic scenario planning , but
rather an attempt to identify certain outlines through the mist . All of these observations give rise to uncertainties . We need to consider how to respond to each without the benefit of knowing how they will play out .
At a time when public trust in established financial services is less than robust , we as an industry are facing both a collective and individual challenge of clearly
“ At a time when public trust in established financial services is less than robust , we as an industry are facing both a collective and individual challenge of clearly defining our USP . Perhaps a good night ’ s sleep is too much to ask for after all .” defining our USP . Perhaps a good night ’ s sleep is too much to ask for after all .
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