Some Deutsche Börse trading venues could remain under national supervision under an exemption added to the latest EU compromise text after lobbying by Germany in Brussels. Ireland, which is chairing discussions among member states, inserted the provision. The proposed reform would generally transfer supervision of major cross-border trading venues to ESMA (European Securities and Markets Authority), while allowing venues with limited cross-border operations to remain nationally supervised. Germany said the exemption would cover only venues with a primary domestic focus, not Deutsche Börse Group as a whole. Its financial market infrastructure entities, including CCPs (central counterparties that manage transaction risk) and CSDs (central securities depositories that hold securities and settle trades), would face direct ESMA supervision from day one. Other member states oppose the Deutsche Börse-related exclusion, which could weaken the reform and threaten the goal of reaching agreement by the end of the year. EU economic and finance ministers are due to discuss the package on 9 October. The reform forms part of the EU’s Savings and Investments Union strategy to reduce fragmented capital markets and encourage households to invest more savings in them. The outcome will also determine whether other member states seek similar exemptions and how much authority ESMA would retain.