The shape of the global financial market infrastructure remains uncertain as key pieces of regulatory reform continue to be driven by political considerations and undermined by global financial instability, bankers said yesterday.

Speaking during a panel session on securities market infrastructure at Sibos trading conference in Toronto, panelists said that a slew of regulatory reform, combined with a number of proposed mergers, including the $10.2bn tie-up between Deutsche Börse and NYSE Euronext, and the unfolding Eurozone crisis has muddied the outlook for the global and in particular European market infrastructure, some four years since the global financial crisis began.