Time and again, it becomes apparent that the infrastructure for clearing and settling transactions is not keeping up with rapidly growing financial markets, Philipp Hildebrand, a member of the Swiss National Bank's governing board, said on Tuesday.

In recent years, this had, he said, been most obvious in the over-the-counter (OTC) derivatives market. "Pressured by supervisory authorities and central banks, market participants are now developing safer and more efficient clearing and settlement