ContextKeynote by the ESMA Chair at the 2026 Convention of FESE, the federation of European securities exchanges.
Why it mattersAddressed to Europe's stock exchanges, the ESMA Chair links market reform with pensions and financial literacy.
- Trading is increasingly fragmented across venues.
- Too few citizens invest in capital markets.
- Public markets in Europe struggle to compete.
- Deliver the market integration package with a smooth supervisory transfer.
- Promote pension reforms such as auto-enrolment and financial literacy.
- Fully implement the Listing Act and adjust securitisation rules.
Read the speech summary
1. Beyond the slogan
At the convention of the Federation of European Securities Exchanges, the Chair of ESMA said that after fifteen years of hearing that European markets stand at a turning point, integration has become unavoidable. Efficient markets turn ideas and savings into innovation and jobs, which Europe needs at continental scale.
2. What the data on share trading show
ESMA's recent consultation on equity market structure, based on 2022-2025 transaction reports, finds markets working well overall: addressable liquidity is stable near 85% and order-book trading near 80%. But continuous trading on visible order books is slowly shrinking, mainly on regulated exchanges, whose share fell from about 35% to 27%. Auctions are growing, and frequent batch auctions doubled to over 6%. The combined share of visible books and closing auctions on exchanges and multilateral platforms fell from about 72% to 64%, a concern since closing prices serve as benchmarks for funds and ETFs. Dark trading stays around 4-5%, while systematic internalisers rose from about 5% to almost 9%. ESMA has no fixed view yet and invites comments before 30 June, with a feedback report due later in the year.
3. A major reform package
She called the Commission's market integration and supervision package the most significant capital markets reform in years. It would create a single EU licence for venue groups operating in several countries, ease costly post-trade links so users choose providers on merit, keep rules ready for AI, distributed ledgers, quantum computing and tokenisation, and give ESMA direct supervision of the largest cross-border infrastructures after a short transition, working with national authorities.
4. The wider savings and investments union
Political backing is strong, from the European Council, the Parliament's President and an April roadmap aiming at a single capital market by 2027. Success needs better savings products, financial education and pension reforms such as automatic enrolment; 80% of European pension funds manage under €1 billion. The Listing Act, securitisation changes, the venture fund review and consolidated tapes must all advance, because each pillar supports the others. Failure would mean weaker pensions and firms growing elsewhere. Facts, legal tools and political will are available; what is missing is shared boldness across institutions, countries and the public and private sectors. Citing Goethe's Faust, she urged exchanges to seize the moment and help build an integrated, efficient and attractive European market rather than merely adapt to one more regulatory change.