In my May Letter from the President, I discuss developments that threaten fragmentation of global capital markets. These include Brexit, the rise of populism and protectionism across Europe and elsewhere, and the push for deregulation and dismantling of existing regulations.

Global and regional authorities are working to maintain open and integrated markets to ensure the smooth and efficient functioning of markets. However, there are no quick fixes. Bond and repo market liquidity conditions remain a concern. Automation has the potential to transform the industry and deliver more liquidity to investors.

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