A new system for authorising clearing houses that operate across Europe has fallen prey to national interests and political infighting, according to a review by the top-level body regulating Europe’s securities industry.

A European Securities and Markets Authority review of the "college of regulators" system to oversee EU clearing houses found that college chairs withheld information from other regulators, members sometimes abstained from voting on authorisation decisions, and national interests were being followed in opposition to Esma's advice.