Market Transparency - Does it prevent crisis?^*)*)Key Note Speech delivered at the FMA Supervision Conference, Vienna, 29. September 2011.

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.