European Union countries have agreed to give the bloc's financial markets watchdog greater supervisory powers in a bid to reduce fragmentation and make cross-border investment easier. The agreement could reshape oversight of major trading venues, clearing houses, and other financial market operators, although the reforms must pass further legislative steps before becoming law.
Finance ministers reached the agreement in Luxembourg on Friday, 9 October, as part of the Market Integration and Supervision Package (MISP). The proposal would give the European Securities and Markets Authority (ESMA) direct oversight of significant market operators that are currently supervised at national level.
