Only Half-Way There in Markets Reform, Says Esma Chair

"While the legislative phase nears completion, it does not imply the completion of the regulatory reform program, as implementation and supervision are as important as legislation to ensure that the regulatory reform achieves its objectives," Maijoor adds.

In what he calls the biggest overhaul in the history of the financial markets, Maijoor sees a progression toward a more transparent, stable, and fairer securities market, although some areas are still pending clarification, such as the direct