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Germany shields parts of Deutsche Börse from EU oversight
The article discusses the European Union's efforts to reform the capital markets system aimed at reducing fragmentation and enhancing competitiveness, by transferring regulatory authority to the European Securities and Markets Authority (ESMA). However, Germany received an exemption for trading platforms operated by Deutsche Börse that have local activities, which threatens the achievement of the main reform objective and sparks opposition from other countries. As a result, there is a possibility of delaying legal consensus before the end of the year, with the German government refusing to consider this a comprehensive exemption, emphasizing that the Deutsche Börse group will still be directly supervised by ESMA in some of its financial infrastructure. The reform intends to facilitate cross-border trading operations and stimulate European savings investments into capital markets, aiming to reduce European companies' heavy reliance on bank loans and to decrease outflows of financial resources from the European Union.
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