Besitzen Sie diesen Inhalt bereits,
melden Sie sich an.
oder schalten Sie Ihr Produkt zur digitalen Nutzung frei.
Market Transparency – Does it prevent crisis?
Transparency was always key for functioning capital markets. The financial crisis just highlighted the need for transparency. This paper, a keynote speech by the chairman of ESMA at the FMA Supervisory Conference 2011, elaborates on transparency as an essential ingredient of securities regulation, and then clearly demonstrates that transparency alone is not sufficient. Thus more interventions beyond transparency are needed. It concludes with some remarks on transparency and financial reporting.
S. 777Market Transparency – Does it prevent crisis?
Key words: Capital markets regulation, financial crisis, ESMA, layers of regulation, transparency, regulatory interventions, financial reporting, prevention.
JEL-Classification: G 01, G 10, G 18, G 28.
Ladies and Gentlemen,
Good morning. It is my great pleasure to be here today at this important conference and I thank the Austrian Financial Market Authority for their kind invitation.
We are living extremely difficult and delicate times that request from anyone responsible behaviours and actions to find a rapid solution to the problems that affect our markets, our economies, our societies. ESMA, within the limits of the powers assigned to it and the lim...