00:00The countless conversations have taken place in this very room and virtually for a couple of years
00:04have no doubt moved the needle and made a measurable difference
00:08for the smooth functioning of the Treasury market.
00:11Now, you surely remember the countdown clock that signaled the end of LIBOR.
00:15While time flies, the successful transition away from LIBOR is now very much in the rearview mirror,
00:21and the foundation of our global financial system is stronger and more robust because of it.
00:26The lesson from this undertaking is that when the public and private sectors work side-by-side
00:32with determination toward a common goal, we can move mountains.
00:37Speaking of moving mountains, the shift to expanded central clearing has been a prominent topic of discussion at recent conferences,
00:45and I'm pleased to say that this process is now well underway.
00:48In anticipation of upcoming deadlines, the industry has already begun expanding infrastructure for cleared repo and cash trading,
00:56and activity has been shifted to cleared markets ahead of schedule.
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