Policy Focused Debate

📅 25 June 2026

🕔 From 08:15 to 09:45 (registration and breakfast at 07:50)

📍 Sofitel Brussels Europe Hotel, Place Jourdan 1, 1040, Brussels

Concept

Presented in March 2025, the Savings and Investments Union (SIU) strategy has been repeatedly described by the European Commission as a "key enabler" of the EU's competitiveness agenda. Among its key principles is the idea that the existing fragmentation in EU capital markets hampers the efficiency and scale that would allow the Single Market for financial services to live up to its potential (and name) and hence truly boost competitiveness.

According to the Commission, barriers to market-led consolidation are particularly problematic in the areas of market infrastructure and asset management.

This is why in December 2025 the Commission unveiled its Market Integration and Supervision Package (MISP) as a flagship initiative of the SIU strategy. The proposal aims to deliver on two of the strategy's four pillars (i.e. integration and scale as well as supervision) through an ambitious set of amendments to as many as 19 existing pieces of legislation.

 In this context, this session will mostly touch on the infrastructure-related areas of the MISP, which includes substantial changes to the trading and post-trading sectors, as well as underpinning proposals to centralise supervision in certain circumstances and related measures to foster innovation in capital markets:

• On trading, proposals range from further development of the consolidated tape for equities & ETFs and the introduction of a “Pan-European Market Operator (PEMO)” concept for large cross-border trading groups with ESMA responsible for its group supervision.
• On post-trade, the Commission suggests mandating the use of links between different central securities depositories (CSDs), creating CSD hubs to improve connectivity and enhancing existing interoperability provisions between central counterparties (CCPs)
• The DLT Pilot Regime will be extended in terms of eligible assets, entities and the scale of activity that can be carried out within the pilot regime and simplified regimes are introduced for smaller DLT infrastructures. Amendments to the Central Securities Depositories Regulation (CSDR) are also proposed to allow for the provision of CSD services using DLT. 
• On the supervisory framework for the largest, cross-border entities, the Commission proposes to distinguish between “significant” and “less significant” market operators using differentiated criteria for CCPs, CSDs, and trading venues, with “significant” operators falling under direct supervision by ESMA.

Confirmed Speakers

• Markus Ferber, Member of the European Parliament

More info coming soon