Market Transparency – Does It Prevent Crisis? - Steven Maijoor, ESMA Chair, FMA Supervision Conference, Vienna, 29 September 2011

Ladies and Gentlemen,

Good morning. It is my great pleasure to be here today at this important conference and I thank the AustrianFinancial Market Authority for their kind invitation.

We are living extremely difficult and delicate times that request from anyone responsible behaviours andactions 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 limits of an organization that is in the midst ofbuilding its regulatory and supervisory capacity is doing its part and we are deploying all our efforts toensure efficiency, integrity and good functioning of financial markets. I hope this conference, and thedebate on the key topics emerging from the crisis, will also contribute to the achievement of these objectives.

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