Ministers of finance from EU member states reached a preliminary agreement on October 9, 2026, to centralize oversight of major cross-border financial entities. The initiative, known as the Markets Integration and Supervision Package (MISP), designates the European Securities and Markets Authority (ESMA) as the primary supervisor for select large-scale trading venues and infrastructure providers.
Under the proposed framework, ESMA will directly oversee approximately eight major trading venues and between 10 and 15 crypto-asset service providers. This represents a small fraction of the estimated 360 crypto firms currently operating within the European Union, as the majority will continue to be regulated by national authorities.
The agreement received support from 25 member states, while Belgium abstained. Germany secured a specific exemption for Deutsche Börse based on market-share thresholds. The European Commission expressed dissatisfaction with the deal, arguing that it lacks sufficient ambition and maintains excessive national influence over financial governance.
The MISP aims to facilitate the free movement of capital across the bloc, supporting the development of a Savings and Investments Union. The current draft is subject to further negotiations in the European Parliament, with a target to finalize the agreement by the end of 2026.
