In this special live episode of AFME Voices, recorded at AFME's Compliance & Legal Conference 2026, James Kemp, Managing Director, Global FX Division, AFME, is joined by Natasha Cazenave, Executive Director of the European Securities and Markets Authority (ESMA), for an in-depth discussion on the future of Europe's capital markets. The conversation explores the Savings and Investment Union (SIU) agenda and the reforms needed to unlock investment, strengthen European capital markets and improve competitiveness. Natasha shares ESMA's perspective on market integration, regulatory simplification, supervision, and the role of innovation in shaping the next phase of financial market development. The discussion also covers tokenisation, artificial intelligence, cyber resilience, EU-UK regulatory cooperation and the evolving regulatory landscape facing firms across Europe.
In this special live recording of AFME Voices from AFME's Compliance & Legal Conference 2026, AFME's James Kemp speaks with Natasha Cazenave, Executive Director of the European Securities and Markets Authority (ESMA), about the opportunities and challenges shaping Europe's financial markets.
A key focus of the discussion is the EU's Savings and Investment Union (SIU) initiative and the steps needed to mobilise savings, deepen capital markets and support investment across Europe. Natasha outlines ESMA's role in supporting market integration, reducing fragmentation and enabling firms to operate more seamlessly across the Single Market.
The conversation also explores the growing importance of regulatory simplification, with a focus on streamlining reporting requirements, risk-based supervision and improving the investor journey. Looking ahead, Natasha shares her views on the future of tokenisation and digital finance, the opportunities presented by distributed ledger technology, and the regulatory questions that still need to be addressed.
The episode concludes with reflections on artificial intelligence, cybersecurity, operational resilience, EU-UK cooperation and the priorities compliance and legal professionals should be focusing on as financial markets continue to evolve.
Learn more about ESMA: https://www.esma.europa.eu
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