Hon JAMES SHAW (Minister of Climate Change): Thank you, Madam Speaker. It's often said that in financial services, regulation follows innovation, and there have been extraordinary amounts of innovation in the financial services and financial markets sector over the course of the last few years—things like trading, clearing, settlement services, reporting services for payments, securities, derivatives, and so on. It's an incredibly fast-moving area. If these services take hold, which is starting to happen in Aotearoa New Zealand, that provides huge opportunity, competition to banks, new levels of financial services, and secondary and tertiary products and industries that can trail off the back of it. But it is one of those things where in the absence of an effective regulatory regime, that actually tends to dampen innovation, because there's a level of uncertainty about the operating environment for those services. This is particularly true in financial services. 