La UE sella un acuerdo descafeinado de megasupervisión de los mercados

The European Union has reached an agreement to establish a powerful supervisory body for markets, though it will not be a wholly centralized system. The European Securities and Markets Authority (ESMA) will oversee major market players, but German pressure has limited its scope. Major German exchanges like Deutsche Börse will retain direct oversight of their operations.

Spain's Bolsas y Mercados Españoles (BME) was also excluded from ESMA's purview. While this agreement marks a significant step towards market integration, it falls short of a unified supervision system. Eight major trading groups will be directly under ESMA's authority. The authority will also oversee compensation and liquidation companies, as well as large crypto trading operators.

However, national regulators will continue to oversee insurers and funds. The new ESMA executive committee, which will oversee the body's regulatory decisions and global strategy, includes Carlos San Basilio, president of Spain's CNMV. The EU's financial services commissioner expressed disappointment that the agreement falls short of the ambition needed for market integration and supervision.

The European Commission, along with Christine Lagarde, president of the ECB, expressed concerns over the agreement's modest ambition. The EU's new framework will be reviewed in two years to assess its continued relevance.