LONDON (Reuters) -Former UK financial regulator Verena Ross has been selected by European Union member states to chair European Union securities watchdog ESMA after months of haggling.

Ross, a German national who worked previously for Britain’s financial watchdog, before stepping down earlier in the year as the executive director of ESMA (or European Securities and Markets Authority).

The top position was up for grabs with Carmine Di Noia (commissioner at CONSOB), the Italian securities regulator. She had topped a shortlist of applicants sent by ESMA last November to EU members.

This appointment requires the approval of European Parliament. The European Parliament has always pushed for greater representation of women in the head offices of its regulatory agencies.

Ross will replace Steven Maijoor (Dutchman), who retired in May after serving two terms.

As the bloc attempts to create its capital market, ESMA plays an increasing role.

The watchdog currently assesses whether London-based derivatives clearing services to EU customers are sufficiently systemic to warrant their transfer to the bloc. A report is due before the year ends.