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Esma chief warns securities regulators on monitoring risk

"Securities watchdogs have inadequate resources to cope with their new regulatory responsibility for monitoring systemic risk, the EU’s top markets regulator has warned.

"Steven Maijoor, chairman of the European Securities and Markets Authority , said legislation passed last week by the European parliament amounted to the “biggest overhaul of the capital markets in a generation” – but warned that the authorities had a long way to go before putting the regime into practice.