The European Securities and Markets Authority is preparing itself for a busy summer ahead. While the raft of European financial regulations agreed by legislators in mid-April represented a major step in Europe’s post crisis overhaul, the reality is that we are only half way.

Step forward Esma, a securities market regulator created in the aftermath of the crisis that replaced the Committee of European Securities Regulators. Esma, along with its banking and insurance equivalents - the European Banking Authority and European Insurance and Occupational Pensions Authority - was designed to give EU supervisors more teeth.