A political agreement, not final law

The Council agreed key elements of its negotiating position on the market integration and supervision package on 9 October. The position still requires finalisation and formal adoption; negotiations can begin once Parliament adopts its own position.

The package seeks to reduce fragmentation in trading, post-trading services and asset management. It is part of the savings and investments union agenda.

Supervision would change selectively

Under the Council approach, significant cross-border trading venues, central securities depositories and central counterparties would move to ESMA supervision. Only the most significant cross-border crypto-asset service providers would be immediately covered, rather than all such providers.

The text also envisages a voluntary pan-European market-operator framework and an optional member-state depositary passport regime. These are elements of a negotiating position, not permissions already available under the proposal.

What investors should evaluate

T&M analysis: a more integrated market could alter the operating economics of exchanges, custody, clearing and cross-border fund servicing. Whether that benefit materialises depends on the final scope, transition arrangements and implementation.

GCC institutions with European investments or financial-service subsidiaries should map where national licensing and supervision currently create duplicate processes. That provides a concrete basis for assessing the eventual rules.