Jean-Claude Trichet spoke on regulatory reform in Europe. He focused on the establishment of the new European supervisory structure, the agreement on Basel III and the global framework for SIFIs. He stressed there should be no delay in implementing Basel III. He also looked at the challenges of shadow banking and future initiatives such as the Markets in Financial Instruments (MiFID) Review and the importance of transparency. He mentioned the International Organisation of Securities Commission’s (IOSCO) work on the challenges of technological development and the risks that high frequency trading present. (Source: ECB President Speaks on Reform)