TechFlow, November 2 – According to the Financial Times, on November 2, the European Commission is drafting a plan to expand central oversight of key financial market infrastructures, including stock exchanges, cryptocurrency exchanges, and clearinghouses, aiming to reduce regulatory fragmentation in the single market.
The plan would grant the European Securities and Markets Authority (ESMA) authority to supervise "cross-border significant entities," covering crypto-asset service providers and post-trade infrastructure. Germany is discussing support for the initiative with France, while countries such as Luxembourg and Ireland remain concerned that centralized oversight could weaken their domestic financial sectors' competitiveness. The European Commission is expected to present a formal "market integration package" in December.
