The European Commission’s Market Integration Package (MIP), published in December 2025, is a key step towards creating more integrated, transparent and competitive European capital markets. Euronext welcomes the proposals that aim to reduce cross-border barriers, improve liquidity and strengthen market infrastructure, while also suggesting refinements to fully realise their potential.
Fragmented markets and the need for transparency
Efficient capital markets are essential for supporting investment, economic growth and Europe’s strategic objectives. However, trends such as increased dark and bilateral trading have reduced transparency and impaired price formation, affecting liquidity visibility and the ability to gauge market value. Euronext advocates for measures to level the playing field across trading venues, including consistent pre- and post-trade transparency rules, improved reporting of systematic internaliser (SI) activity and a uniform application of tick size regimes.
Strengthening post-trade infrastructure
Fragmentation also exists in post-trade services, where multiple national central securities depositories (CSDs) create inefficiencies for cross-border settlement. Euronext supports the Commission’s proposal to mandate connection to the common TARGET2-Securities (T2S) platform and recommends going further to ensure its full usage, including settlement in multiple currencies, to foster a more competitive and integrated post-trade infrastructure.
A new supervisory framework
Euronext welcomes proposals for central supervision of financial market infrastructures (FMIs) under ESMA, alongside the creation of a Pan-European Market Operator (PEMO) framework. These developments aim to harmonise oversight, increase efficiency and reduce duplication. Clarifying the role of National Surveillance Authorities and embedding recognition of FMI groups will be critical to ensure that centralised supervision delivers tangible benefits.
Access and interoperability between infrastructures
While Euronext is open to limited interoperability between clearing houses, it emphasises the importance of careful assessment and uniform supervision. Euronext also supports maintaining the exclusion of exchange-traded derivatives from new access rules to reflect their distinct market structure.
Embracing technology and innovation
The MIP proposes updates to facilitate the use of new technologies. Euronext supports measures enabling MiCA-regulated stablecoins for settlement and improvements to the DLT Pilot Regime. To fully leverage these innovations, conditions for their use must remain proportionate, flexible and commercially viable. Recommendations include removing aggregate thresholds, enabling currency-neutral settlement and integrating simplified and regular DLT regimes.
Consolidated Tape: caution and phased assessment
Europe’s first consolidated tape (CT) for equities is expected by the second half of 2026. Euronext stresses that it is premature to re-open the CT framework, noting that experience and ex-post assessment are needed before any adjustments. The focus should remain on successfully delivering the CT as agreed in the MiFIR Review.
A shared objective: integrated, competitive European markets
Euronext’s response to the MIP highlights the importance of liquidity, transparency and fair competition in driving market efficiency. By addressing fragmentation, strengthening post-trade infrastructure, and supporting innovation, Europe can foster a capital market environment that benefits both investors and issuers while supporting strategic growth across the EU.
Read Euronext’s full position on the Market Integration Package.