It therefore makes sense to supervise these investment firms as if they were banks, in line with the principle that similar risks are treated in a similar manner. Last but not least, we need to finalise the review of the European Market Infrastructure Regulation. Currently, the system is not designed to cope with major systemic central counterparties operating from outside the EU.
We therefore need to adapt it to the post-Brexit reality and enhance the role for the central banks to monitor and address risks to the EU’s financial system.