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European System of Financial Supervision
European System of Financial Supervision (ESFS)
As a lesson learnt from the financial crisis 2007/2008, the European Union aimed at establishing a more integrated European supervision in order to ensure a true level playing field for all actors at the EU level and to reflect the increasing integration of financial markets within the EU. The introduction of the European System of Financial Supervision (ESFS) in 2010 marks the first time a new supervisory architecture was established at the European level, consisting of three European Supervisory Authorities (ESAs) and a board to monitor systemic risks – the European Systemic Risk Board (ESRB). The ESAs and the ESRB started their operations in January 2011.
Working within a diverse supervisory framework
As an integrated provider of financial services, Deutsche Börse Group comprises the whole range of financial markets infrastructure (FMI) operators, such as central counterparties, central securities depositories, securities settlement systems and a trade repository. It also includes trading venues (regulated markets and multilateral trading facilities) and data reporting services providers.
The Group’s entire value chain is impacted by the ESAs’ work as the Group faces a wide range of different supervisors across the EU – European FMIs operate within a diverse supervisory framework.
European Supervisory Authorities
Other ESFS authorities