From data capture within a price discovery function to the repository of all trade transactions and to auxiliary services such as central counterparties, securities settlement, trading platforms and central securities depository. These initiatives are but a portion of a long “to-do” list.
The capital market reform agenda is huge and the barriers are formidable… but… as the characters in the Broadway play, Wicked, would sing, we must go beyond our limitations and… “defy gravity.” Concluding thoughts Moving ahead does not happen on its own. Progress has to be moulded, packaged and timed.