I started to write this post intending just to say "ha ha ha ha ha". However, exemptions to “formal [regulatory] burdens where they are not strictly necessary” (in the minds of the EU Commission really actually is not a laughing matter. In an effort to super-charge the capital markets to improve the speed of the Eurozone's recovery from the pandemic (and perhaps give Northern member states some much needed revenues to assist in paying their contributions to the EU-wide pandemic response), the Commission risks longer-term instability. It also increases (in my view) the likelihood of harm to retail markets and participants and "near misses" at the central clearing level.

I trust that the proposals themselves will be more considered than perhaps the initial reports make out.