Europe Pitches Centralized Markets Watchdog to Power Prosperity

The EU’s executive arm has unveiled a plan to transfer greater supervisory and enforcement powers to its markets regulator, setting up a battle about how much power national supervisors should cede power to Brussels.

Under the proposal announced Thursday, the Paris-based European Securities & Markets Authority will gain new powers over significant clearing houses, central securities depositories and trading venues.

Crypto firms, for which the EU introduced a national supervision regime less than a year ago, will also fall under its remit, as will pan-European market operators, a new category of trading firms who want to use a single authorization ...