Michel Barnier has spoken on the importance of reform in the financial markets. His speech (in French) highlighted the importance of the review of the Markets in Financial Instruments Directive (MiFID), and its interplay with EMIR and regulation of the commodity and commodity derivatives markets. He highlighted the need for regulation that moves with the times and the importance of transparency. He stressed the key role of ESMA and said his wish was for MiFID to cover all venues on which trading takes place in any financial instrument and for regulation to increase transparency in the bond, commodity and commodity derivatives markets. He also looked at accountability, investor protection and the aim of the Market Abuse Directive review. (Source: Michel Barnier Speech on Reform 17 June)