The TRADE 56 - Page 63

[ A D V E R T O R I A L ] Thomas Zeeb, head securities & exchanges, member of the executive board, SIX are unsustainable. The Recovery and Resolution re- gimes 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 [\Z[Y\ˈHYYۜY\\ۙXX]]H[Y]وۛ[^B[^H] ]H[YH[XX\[\X\Y[[X[\X\\›\[؝\ H\[[\B\HX[HX]H[[]YX[[[HوX\B']H[YH[XX\[\X\Y[[X[\X\\\[؝\ H\˜[[\H\HX[HX]H[[]YX[[[HوX\HY[[\T \\HY8&\Y\\]X\™܈Y\[ 'B]\[][\Y[YH\BZ[][\YHZ\ [و\H؜\][ۜ]H\H™Y[[\T \\HY8&\Y\\]X\܂Y\[ \YH M UYS]˘H