It is a great honor to deliver a keynote address at the Annual General Meeting of the International Swaps and Derivatives Association (ISDA) in Tokyo. ISDA was established in 1985 in response to increased demand for standardized transactions in growing derivatives markets. Since then, ISDA has taken various initiatives to foster safer and more efficient derivatives markets and to facilitate effective risk management for users of derivatives products. I would like to express my respect to ISDA's endeavors and my appreciation for ISDA Japan's cooperation in the Bank's activities. Financial markets have changed ... (full story)