FESE Statement – First things first: focus on bringing the CT to life before expanding its scope

The establishment of a successful Savings and Investment Union (SIU) is not merely a policy ambition; it is one of the European Union’s most urgent economic imperatives. Reopening the debate on the CT scope as part of the upcoming Commission Market Integration & Efficient Supervision Package risks delaying its timely and effective implementation and may ultimately come at a significant cost to EU capital markets.

The current Equity CT scope already provides a strong foundation for the SIU:

• The agreed transparency perimeter is well calibrated for delivery of a CT in the EU;
• Premature changes are counterproductive to rapid delivery of the SIU;
• Stability matters for opt-in venues;
• The current design of the CT already accommodates all relevant industry use cases.

FESE strongly urges policymakers to stay the course: deliver the anonymised, top-of-book CT as agreed in Level 1. Reopening the CT scope now would be a premature, far-reaching change that adds risk and complexity without advancing any major SIU objectives.