European Association of CCP Clearing Houses urges ECOFIN agreement on MISP with an independent ESMA Executive Board and no joint supervisory teams

The European Association of CCP Clearing Houses has called on ECOFIN ministers to agree a Market Integration and Supervision Package that simplifies oversight of central counterparties and produces measurable gains in accountability, efficiency and cost. Building on its earlier support for direct European Securities and Markets Authority supervision, the association wants ESMA’s Executive Board to exercise genuine supervisory authority and make decisions independently, with the Board of Supervisors providing oversight without creating overlapping processes. The association opposes joint supervisory teams or comparable structures, arguing that information sharing and cooperation arrangements can keep national authorities informed without duplicating supervision, raising costs or weakening accountability. It also seeks a short transition with clearly allocated responsibilities, proportionate and transparent fees, more efficient authorisations and approvals, and a clear distinction between supervision, crisis coordination and resolution. Any additional crisis measures should address demonstrated gaps in existing central counterparty safeguards. Beyond supervisory reform, the association called for simplified reporting and outsourcing requirements, legal certainty for the use of distributed ledger technology and the removal of regulatory barriers that limit asset managers’ access to central clearing.