The Federation of European Securities Exchanges (FESE) has released its Position Paper on the European Commission’s Market Integration & Supervision Package (MISP).
Europe faces a pivotal moment. Against a backdrop of intensifying geopolitical headwinds, the EU must strengthen its economic sovereignty by unlocking growth, deepening capital markets, and reducing fragmentation that undermines efficient price formation.
This package represents a key opportunity to remove long‑standing barriers to cross‑border activity, modernise regulatory frameworks, and ensure that Europe’s capital markets infrastructure remains strong, future‑proof and globally attractive.
FESE’s position highlights key considerations across three policy areas:
1. Trading – Strengthening market structure and supporting a competitive listing ecosystem
We support the Commission’s ambition to remove cross-border barriers in order to enhance efficiencies across the Union and advance market integration.
However, to attract, support, and retain Europe’s most innovative companies, the EU needs deeper, more liquid, and more transparent secondary markets that reinforce price formation, enhance investor confidence, and support vibrant primary markets.
2. DLT & Innovation – Modernising frameworks to enable responsible innovation
We welcome the Commission’s ambition to support digital innovation and integrate DLT‑based models into the EU rulebook. Exchanges have long been pioneers of safe technological progress and stand ready to support a modern, competitive and innovation‑friendly regulatory environment.
3. Supervision – Enhancing convergence while preserving efficiency and proportionality
We stand with the Commission’s ambition to tackle fragmented supervisory outcomes under the single rulebook. The landscape of European market operators is diverse. They have varying corporate structures, activities, instruments and levels of economic and cross-border significance.
Regardless of the supervisory model, the framework should remain clear, agile and well‑calibrated, prioritising simplicity, efficiency and a level playing field. Any changes should deliver coherence and consistent supervisory outcomes across trading venues while avoiding new complications through dual supervisory layers.
