EU Ministers Agree to Grant ESMA Direct Oversight of Major Market Operators

EU finance ministers agreed Friday on a package to strengthen the bloc's financial markets watchdog, giving the European Securities and Markets Authority direct oversight of major market operators currently supervised by national authorities. The Market Integration and Supervision Package would extend ESMA's authority to major trading venues, clearing houses, securities settlement bodies and crypto-asset service providers, and create a full-time independent executive board within the agency. Market operators could opt into a new framework for cross-border EU operations. Germany secured an exemption for Deutsche Börse's domestically focused trading venues, though the announcement did not detail the matter, Euronews previously reported. Dutch Finance Minister Eelco Heinen welcomed the deal, saying: "Major step forward today in advancing the Capital Markets Union. We made more progress in 10 months than in 10 years." The reforms mark a milestone in the Savings and Investments Union, aimed at channeling European savings into investments supporting the economy.