The exchange group said that modernised settlement and centralised supervision frameworks for central counterparties (CCPs) and index providers are essential to improving the competitiveness of European capital markets.

European Securities and Markets Authority’s (ESMA) chair Verena Ross stressed the need to revisit the regulator’s rulebook on market integration, enhanced supervision and investor protection to ensure that it remains proportionate in a competitive economic environment.

While global dominance of US dollar is unlikely to weaken in the near term, geopolitical fragmentation could weaken the greenback's long-standing dominance in global trade and finance, a recent Acuiti report concluded.