European Association of CCP Clearing Houses and Federation of European Securities Exchanges call for ESMA to be sole supervisor under MISP

The European Association of CCP Clearing Houses and the Federation of European Securities Exchanges have published a joint statement on the European Commission’s MISP agenda, supporting its single market objectives while urging an effective, efficient and proportionate supervisory model. Their central recommendation is that entities placed under direct European Securities and Markets Authority supervision should be supervised directly and only by ESMA, rather than through a shared model with national competent authorities. The statement argues that supervisory reform should clearly improve efficiency, reduce time to market, support competitiveness and preserve sufficient autonomy and flexibility for supervised entities. It calls for a short and smooth transition that avoids temporary layers of complex oversight. On crisis management, the associations say centralised supervision should also be able to handle crisis cases and argue that the existing framework is already sufficient, pointing to the default waterfall under EMIR, prefunded CCP default funds and the EU recovery and resolution regime. On that basis, they oppose additional loss-sharing measures such as a single resolution fund for CCPs. The position is framed as input to the ongoing negotiations by the EU co-legislators on MISP.