Nevertheless, we must also acknowledge that our financial markets are still characterized by certain weaknesses. These weaknesses include the low levels of liquidity in the secondary market as well as a narrow investor base, which is largely confined to the commercial banks and a few non bank financial institutions. Participation by the general public in the securities markets is very low.
*  *  Introduction  Ladies and gentlemen It is said that a good speech has a good beginning and a good end and that the two are as close together as possible. I think this is especially true when it comes to after-lunch speeches which deal with rather weighty and complex issues such as the regulatory response to the financial crisis.