In a written answer on 13 July 2026, Commissioner Albuquerque reiterated that the European Commission cannot interfere with the European Securities and Markets Authority's (ESMA) supervisory independence, while clarifying that this does not preclude information sharing under Article 223(1) of Regulation (EU) 1308/2013. The response, to a question from S&D MEP Eric Sargiacomo, addresses concerns about potential manipulation in the EEX butter futures market and the impact of physical delivery on liquidity.
The Commissioner confirmed that the Commission continuously engages with ESMA in line with legal mandates and confidentiality rules, but declined to comment on operational details of such exchanges, including whether information was shared following Sargiacomo's February 2026 question. On liquidity, Albuquerque argued that physical delivery can negatively impact liquidity near contract expiry due to logistical requirements, noting that the largest butter futures contract (Chicago Mercantile Exchange) is cash-settled. She reiterated that EU law does not mandate a specific settlement type, leaving the market to determine the most suitable approach.
The answer provides no concrete proposals or new measures, instead defending the existing framework and ESMA's independence. Institutional follow-up is limited to ongoing standard cooperation between the Commission and ESMA. The response impacts stakeholders including ESMA (whose independence is reaffirmed), market participants (who face no regulatory change), and MEPs seeking greater oversight (who receive no commitment to further action).