On 3 June 2026, European Securities and Markets Authority (ESMA) Chair Verena Ross delivered a keynote speech at the Federation of European Securities Exchanges (FESE) Convention, calling for enhanced market resilience and accelerated digital innovation in EU capital markets. Ross emphasized the need for exchanges to adapt to technological shifts while maintaining robust investor protection and market integrity.
Ross highlighted the growing importance of distributed ledger technology and artificial intelligence in trading and post-trade services, urging exchanges to invest in digital infrastructure to remain competitive globally. She also stressed the need for harmonized EU-level rules to prevent fragmentation and ensure a level playing field across member states.
On market resilience, Ross pointed to recent geopolitical tensions and economic volatility as reminders of the need for robust risk management frameworks. She called for closer cooperation between national competent authorities and ESMA to monitor systemic risks, particularly in derivatives and crypto-asset markets.
The speech also touched on sustainable finance, with Ross noting that ESMA will continue to push for transparent and reliable ESG disclosures to support the EU's green transition. She warned against greenwashing and urged exchanges to facilitate the listing of sustainable investment products.
Ross's address comes as ESMA prepares to implement the new Digital Operational Resilience Act (DORA) and the Markets in Crypto-Assets Regulation (MiCA), both of which will impose new compliance requirements on financial market participants. Exchanges will need to upgrade their cybersecurity protocols and reporting systems to meet the 2027 deadlines.
EU exchanges face moderate compliance costs from new digital and resilience rules but stand to benefit from harmonized standards that could attract cross-border listings. Investors gain from stronger protections and transparency, though some smaller exchanges may struggle with implementation costs. National regulators will need to coordinate more closely with ESMA, potentially reducing their autonomy. The broader EU financial sector sees a push toward modernization that could enhance global competitiveness but requires significant upfront investment.