Webinar on Capital Markets - Webinar

Europe's capital markets have long operated on a paradox: a single rulebook applied by twenty-seven different authorities, in twenty-seven different ways. The result is a market that is integrated in law but fragmented in practice, one that struggles to mobilise the scale of capital that the European economy increasingly demands.

The Market Integration and Supervision Package (MISP), proposed by the European Commission in December 2025, is the most significant attempt in a generation to address this. MISP proposes to concentrate supervisory authority over trading venues, central counterparties, central securities depositories and crypto-asset service providers at European level through a strengthened ESMA. It also streamlines passporting, harmonises post-trade rules and converts the Settlement Finality Directive into a directly applicable Regulation.

Not everyone is convinced this is the right approach. Several member states remain cautious about how much supervisory authority should move to European level and what that means for accountability and national oversight. Market participants are working through what the new framework means for how they operate day to day. In Central and Eastern Europe, where capital markets are still maturing, the question of who supervises and how carries particular weight.

With the Cyprus Presidency steering negotiations in the Council and a deal expected by end of 2026 under the Irish Presidency, this webinar takes place at a moment when the shape of the final package is still being worked out. Representatives from DG FISMA, Euronext and the European Association of CCP Clearing Houses will discuss the proposal as it stands, where the real points of contention lie, and what the reform needs to deliver to make a genuine difference for European capital markets.