The European Central Bank (ECB) has attacked EU governments for not giving it the last word in supervising euro securities clearing. In a letter to the heads of state and government on Wednesday, ECB president Mario Draghi said that “some member states have failed to provide adequate information about their supervisory activities with regard to clearing transactions The ECB has now tried to stop its own rules changing to make it follow ESMA’s decisions. The London Stock Exchange currently dominates the clearing of euro-denominated financial contracts, but since the Brexit vote EU authorities have been trying to take control of the market in the UK and the bloc.
The European Central Bank (ECB) has attacked EU governments for not giving it the last word in supervising euro securities clearing. The governments have given that power to the European Securities and Markets Authority (ESMA) and national supervisors. The ECB has now tried to stop its own rules changing to make it follow ESMA’s decisions. The London Stock Exchange currently dominates the clearing of euro-denominated financial contracts, but since the Brexit vote EU authorities have been trying to take control of the market in the UK and the bloc.