Consolidated tape – work continues

After endless discussions all over Europe, there is still massive confusion as to which European Consolidated Tape (ECT) model MiFID II will bring and when. Despite the uncertainty, the creation of a consolidated tape for equities remains firmly in the MiFID II text and on the buy-side’s wish-list.

Behind the scenes of the ever-lengthening MiFID II timeline, and regardless of model, progress continues to be made to unearth the potential pitfalls and understand the impact of any consolidated tape implementation(s) – for example, within the FISD-chaired MiFID Real-time Transparency Group. Earlier this week the COBA project, established to set up a tape of trade record for European markets, announced the suspension of operations, which just goes to show the impact of regulatory uncertainty. However, significant industry effort has already gone into defining technical standards and striving to pull together a commercial framework – a laudable achievement of collaboration in itself – and I suspect ESMA will welcome all the help it can get when the ECT moves back into focus.

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