New York City Mayor Michael Bloomberg yesterday called for an overhaul of the financial regulatory system, telling industry executives that previous methods have struggled to keep up with pace of innovation in recent years.

The market needs consistency in regulation, transparency by financial firms, and a global vision as it seeks to restore confidence and trust, Bloomberg told attendees at the Securities Industry and Financial Markets Association's annual meeting in New York. The increasingly blurred lines between different types of financial institutions have made the old system an ineffective "relic," he said.

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