The joint private-sector forum introduced today will specifically be looking into clearing and settlement systems, market liquidity and the development of new yuan-denominated products.

FORBES: London Seeks Slice Of China Currency Market

Europe's banks may have to deal with up to 31 different national and cross-border clearing and settlement systems when trading in European shares and bonds.

ECONOMIST: European settlement systems

Clearing and settlement systems, by contrast, are boring businesses.

ECONOMIST: Settling scores | The

The European Central Bank, which ought to see the big picture, is in favour of a clearing and settlement system, or network of systems, within the euro area, but is wary of letting a new monopoly develop.

ECONOMIST: Stock-exchange mergers: Three-dimensional chess | The

For my purposes today, I want to construe "financial infrastructure" very broadly, to include not only the "hardware" components of that infrastructure--the physical systems on which market participants rely for the quick and accurate execution, clearing, and settlement of transactions--but also the associated "software, " including the statutory, regulatory, and contractual frameworks and the business practices that govern the actions and obligations of market participants on both sides of each transaction.

FORBES: Reducing Systemic Risk