The European Commission is drafting a plan to centralize oversight of key financial market infrastructures, including stock and cryptocurrency exchanges, as well as clearing houses, according to the Financial Times. This initiative aims to reduce regulatory fragmentation within the single market. The plan would empower the European Securities and Markets Authority (ESMA) to regulate 'cross-border significant entities,' covering crypto asset service providers and post-trade infrastructures. Germany and France are in discussions to support the proposal, while countries like Luxembourg and Ireland express concerns that centralizing authority could undermine their financial sectors' competitiveness. The European Commission is expected to present the formal 'market integration plan' in December.