Building tomorrow’s financial markets: Key takeaways from the inaugural Policy Lab

In an increasingly complex world, the ability to collectively adapt - both structurally and technologically - is becoming the defining feature of resilient financial markets.

This was the message at the heart of the Policy Lab, a new cross-sector initiative launched at Sibos. The sessions brought together regulators, financial institutions, market infrastructures and international organisations, to explore how financial markets must evolve to meet the needs of the future.

This inaugural Policy Lab focused on six themes that are reshaping the operational landscape; market resilience, capital markets reform, interoperability, artificial intelligence, sustainability and innovation.

The result of two days of deep collaborative discussions is more than a snapshot of industry thinking, it’s a forward-looking agenda that addresses the most pressing issues across these themes.

1. Market resilience

Financial resilience is more important than ever in today’s turbulent economy. In particular, participants pointed to the need for greater coordination between public and private actors.

A number of ideas were raised as critical to continuity in such an environment. These included concepts such as robust governance, sound financials, rigorous planning and stress testing. In addition, participants mentioned the need for skilled people to manage operations.

Beyond the typical levers of resilience, new asset types also emerged as a resource that could add a layer of resilience to market infrastructure.

Maintaining resilience has completely changed over the past 10 or even five years. Geopolitics, cyber and the platformisation of financial services have made it into a full contact sport. "

Gottfried Leibbrandt, Chair, CLS

2. Capital markets reform

Discussions around capital markets reform highlighted the challenges of moving to T+1 settlement around the world.

Participants mentioned a degree of urgency in making European markets more agile and globally competitive. Participants also called for streamlined access for investors, with a focus on cross-border efficiency.

There was also a call for deeper cooperation between the public and private sectors to ensure safeguards and innovation can go hand in hand.

Reform isn’t just about stability; it’s about developing the markets that people want to use by simplifying the regulatory framework and enhancing the competitiveness of the European Financial system.”

Giovanni Sabatini, Chair T+1 Committee

3. Interoperability

The second day of the Policy Lab opened with a debate on interoperability in the context of digital assets. Participants agreed that the challenge doesn’t require wholesale reinvention, but rather smart evolution. Existing systems were seen as agile enough to absorb new asset classes and types of risk, provided they are guided by common standards.

The discussion reinforced support for greater harmonisation of standards, more open architecture, and preserving the stability of existing models that are proven to work. All are key to a smooth, inclusive digital transition.

Standards aren’t the constraint; they’re the scaffolding that enables innovation to scale.”

Andrew McCormack, CEO Nexus Global Payments

4. AI

On artificial intelligence, the tone was one of tentative exploration.

From an economic perspective, speakers highlighted that AI benefits are not an automatic outcome but will require active governance. In today’s early stages, AI is bringing cost savings, but not productivity improvements. One way to kick-start beneficial AI transformation is more deliberate use of internal data to train internal domain-specific AI models. Such models will allow financial institutions to identify new products and services. These products will increasingly be demanded as the center of gravity is tilting towards the developing world.

Participants acknowledged AI’s potential to drive operational efficiency. In practice however, most participants confirmed that they’re using it for marginal gains rather than large-scale operational transformation. A poll taken during the session revealed the primary use cases were for data analysis and common task efficiency such as drafting emails or speeches.

One of the policy challenges was the alignment of policy with AI. In a discussion participants largely agreed that policy has not yet caught up with AI due to its rapid speed of change. Participants also agreed that existing rules are largely sufficient to deal with technological change. Thus, new rules for AI may not be required. Rather the updating of existing rules is an attractive proposition.

Technological advances don’t automatically benefit society. Progress must be steered through the right institutions and choices.”

Daron Acemoglu, Institute Professor, MIT and 2024 Nobel laureate

5. Sustainable development

The Policy Lab underscored a simple truth: sustainable development means balancing risk, return and impact to strengthen the foundations of our economies and societies. It’s not growth versus values, but aligning prudence, purpose and performance to drive inclusive progress.

Tackling sustainability risks - from corruption and rule of law to environment or infrastructure - strengthens sovereign credit ratings and creates the conditions for resilient growth

Susan Brown, UN Assistant Secretary General and Director Bureau of External Relations & Advocacy, UNDP

6. Innovation

Finally, the Policy Lab explored one of the most pressing questions: how to best govern innovation while maintaining financial stability.

There was strong support for a proportionate and adaptive approach to transformation. This approach is particularly critical to overcome regional disparities and allow for safe cross-border experimentation.

The discussion also highlighted the important role of international collaboration in building flexible, future-ready regulatory models that protect consumers, while enabling financial markets to innovate.

The first edition of Policy Lab 2025 leaves us with one clear message: resilience, trust, and competitiveness in financial markets will increasingly depend on collaboration, not just compliance with the rules.

In an environment defined by complexity and speed, policymaking must become more inclusive, responsive and forward-looking.

The future of financial markets will be written by those who are willing to build it together, and the Policy Lab is here to support that dialogue.

Shriyanka Hore, Managing Director, Corporate Office and Global Head of Industry Relations, Swift

In short, navigating uncertainty isn’t just a challenge for markets, it’s a call to innovate how we shape the rules themselves.