The European Central Bank ( ECB ) has criticised EU governments for not giving it the last word in supervising euro securities clearing . If the ECB is successful in blocking the amendments to its statute, ESMA would still likely gain oversight of clearing houses but its decisions would not be binding on the ECB. The governments have given that power to the European Securities and Markets Authority ( ESMA ) and national supervisors . The ECB has now decided to stop its own rules changing to make it follow government ’s decisions . The London Stock Exchange currently dominates the clearing of euro - denominated financial securities , but since the Brexit vote the authorities have been trying to take control of the market in the UK and the bloc .
The European Central Bank ( ECB ) has criticised 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 decided to stop its own rules changing to make it follow government ’s decisions . The London Stock Exchange currently dominates the clearing of euro - denominated financial securities , but since the Brexit vote the authorities have been trying to take control of the market in the UK and the bloc .