In today's increasingly fragmented market structure, Euronext shares the view that there is a need for consolidation of market data across European markets. The key challenge facing the industry and legislator is the elaboration of a solution where the costs and benefits – as well as potential policy risks – are appropriately balanced and calibrated.
Euronext’s policy paper “A Consolidated Tape: Friend or Foe” tackles these issues in a comprehensive fashion, exploring the pros and cons of the respective options. In our view, a consolidated view of market data can be best achieved by the development of an end-of-day consolidated tape, covering 100% of data sources and combining post-trade data with information such as the side (bid or ask) of trades executed on a venue and information on liquidity available at execution.
Find our detailed position in our policy paper “CMU and the Consolidated Tape: Friend or Foe” which explores the pros and cons of the different tape options.