Financial markets underwent significant changes worldwide within the last decades. Structural changes involving traditional operators led to modifications of the regulatory as well as supervisory settings of the financial system. Therefore, the paper tries to find a solution for a proper and...

This paper examines the supervision of Central Clearing Counterparties (CCPs) in Europe, since they function as an important pillar of the Capital Markets Union. Our research indicates that the current national-based supervision of CCPs leads to regulatory arbitrage and exposes the EU to huge...