ESMA appoints Verena Ross as next Chair

Karthik Subramanian

The European Securities and Markets Regulator (ESMA) has appointed Verena Ross as the next Chair which was confirmed by the council of the European Union and announced by ESMA on Friday.

She will be taking up the position from 1st November 2021. She had worked as the Executive Director at ESMA from 2011 to 2021 before she left in May and she also has experience working with the financial watchdog in Britain and so is not new to ESMA or the kind of activities that it undertakes. Since her departure in May, there has been a lot of speculation and confusion on who would be the next chair with Carmine Di Noia, commissioner of the Italian watchdog CONSOB, also being one of the shortlisted candidates for the top job. But ultimately the Council seems to have preferred Miss Verena.

Verena Ross, incoming Chair, said, “I am honored to have been entrusted with this role as ESMA enters its second decade. I am looking forward to working with the Board members, ESMA staff, and our stakeholders in responding to the challenges and opportunities faced by the European Union and its capital markets. I believe that ESMA has an important role to play in ensuring that European markets support the financial needs of its companies and citizens.”

She replaces Steven Maijoor and has been appointed for 5 years which is renewable once. Anneli Tuominen, Vice-Chair, who has been acting as the interim Chair since April 2021 would step down on October 31, 2021, to facilitate the smooth takeover by Miss Verene from November 1. She comes in at a crucial time for ESMA as it is expected to step up and take control of the markets that may have been affected by the Brexit. It is also reported that the ESMA would continue to build its capital markets strongly following the Brexit as it can no longer piggyback on the London markets. The derivatives clearing is still being handled in London for the EU customers and it would need to consider whether that needs to be shifted to some other city within the EU. This could be a big challenge and it would need to be handled within the next couple of years as the financial ecosystem continues to undergo shifting and changes

Read this next

Digital Assets

Valkyrie pulls back on Ether futures merge with Bitcoin ETF

Valkyrie Funds LLC will suspend the purchase of Ether (ETH) futures contracts for its Valkyrie Bitcoin and Ether Strategy ETF (BTF.O). Additionally, the firm will unwind any positions in Ethereum that it has already acquired.  

Digital Assets

Hong Kong police arrest 18 in $1.5B billion JPEX fraud

The investigation into the JPEX crypto exchange scandal continues to unfold as Hong Kong and Macau police arrest four more individuals. These arrests, which include individuals considered “relatively close to the core” of the scandal, bring the total number of detentions to 18.

Digital Assets

Gemini tells Dutch users to withdraw assets by November 17

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced that it will cease providing services to customers in the Netherlands, citing regulatory requirements imposed by the country’s central bank.

Digital Assets

SEC puts BlackRock, Valkyrie, and Bitwise Bitcoin ETFs on hold

The U.S. Securities and Exchange Commission has delayed its decisions on several bitcoin exchange-traded fund (ETF) proposals, leaving many in the crypto industry feeling pessimistic for any future blessing from the agency.

Digital Assets

Ripple backs out of Fortress Trust acquisition

Ripple has decided to cancel its planned acquisition of Fortress Trust, a custodian company, less than a month after initially announcing the agreement.


France regulators blacklists 21 FX brokers, FuturBTC

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF), today shed light on several unregulated forex brokers representing their offering under several brands. Notably, the AMF has identified only one crypto-assets provider in its latest warning.  

Digital Assets

Flare and Arkham Collaborate for Enhanced Decentralized Data Access

Flare’s blockchain for decentralized data acquisition integrates with Arkham’s Intelligence Platform, offering users advanced analytics and actionable on-chain insights.

Industry News

iFX EXPO International 2023 Successfully Concludes

The most talked about financial event of the year took place in Limassol, Cyprus.

Retail FX

Plus500 Forex Garners Market Attention In The Latest Expert Ranking

Securing the 58th spot in Traders Union’s Best Forex Brokers of 2023 ranking, Plus500, despite its cautionary overall score of 6.3 out of 10, stands out for its stringent regulatory compliance, user-centric WebTrader platform, and a commendable focus on account security, though it lags in providing advanced trading tools and trust management features.