Germany Seeks Exemption for Deutsche Börse Venues From EU Supervision Reform

Germany has lobbied Brussels to keep some Deutsche Börse trading venues under national supervision, according to a compromise text inserted by Ireland, which chairs member-state talks. The carve-out could weaken the EU's capital markets integration package, which would transfer supervisory power to the European Securities and Markets Authority (ESMA). Berlin said the exemption covers only domestically focused trading venues, not the entire group. A German Finance Ministry spokesperson said Deutsche Börse's clearing houses (CCPs) and central securities depositories (CSDs) would fall under direct ESMA supervision from day one. Other member states oppose the exclusion, risking a delayed agreement. EU economic and finance ministers meet on October 9, 2026, aiming to reach a deal. The reform is central to the EU's Savings and Investments Union strategy; roughly €300 billion in savings leave the bloc annually, mostly for the United States.