The operation of FMIs is often taken for granted, Mr Tabuteau, and unless the services they provide are disrupted, there can be extremely serious consequences if an important FMI fails. Failure to complete payments or other transactions or even a failure to complete these on time can subject the financial system or individual market participants to severe solvency or liquidity stresses. In extreme cases, this can result in contagion risks and a cascading series of defaults across the financial system. The disruption of key payment systems will often disrupt the real economy, preventing businesses and consumers from being able to buy and sell goods and services. 