Germany secures Deutsche Börse exemption from EU capital markets oversight in reform deal

Germany secured an exemption for Deutsche Börse’s domestically focused trading venues from centralized EU supervision as part of ongoing capital markets reform negotiations in Brussels, according to two people familiar with the talks.
The carve-out, inserted by Ireland’s rotating presidency into the latest compromise text, would leave some of Deutsche Börse’s venues under regional oversight rather than direct control by the European Securities and Markets Authority (ESMA). The move follows German lobbying to retain supervisory powers over certain trading platforms, the sources told Euronews .
A German Ministry of Finance spokesperson clarified that the exemption applies only to trading venues with a primary domestic focus, while Deutsche Börse Group’s financial market infrastructure entities—such as central counterparties (CCPs) and central securities depositories (CSDs)—would fall under direct ESMA supervision from day one. The reform aims to centralize oversight to reduce fragmentation in EU capital markets, but the proposed exclusion has drawn opposition from other member states, risking delays in reaching an agreement by year-end.
EU economic and finance ministers are set to discuss the reform at a meeting on Oct. 9, with the goal of finalizing the legislation. The compromise text’s inclusion of the exemption could weaken the broader integration effort, which seeks to shift supervisory power to ESMA for most cross-border trading venues .
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