And then 3 buses come along…

Anne PlestedThe EC proposes regulatory intervention to improve post-trade information and facilitate data consolidation across equity and non-equity markets.

So rather than participants having to consolidate this data from numerous sources themselves, data would be available as a European Consolidated Tape (ECT).

In the absence of the financial industry coming up with a solution here the regulator says they would step in and mandate such a tape.

So the industry has stepped up efforts to arrive at standards for post-trade data.

  • First there was the formation of the European Consolidated Tape Group (ECTG):

Financial News 04 Apr 2011 – Industry participants have agreed to provide funding to a cross-industry project to build a long-awaited tape of record for European trading.

  • Then FIX Protocol Ltd (FPL) invited members to join their ECT initiative, to work on the detail to feed into the ECTG (24th March).
  • And yesterday the Federation of European Stock Exchanges (FESE) announced its initiative.

The real issue, I think, is with the quality of data, so the important thing is to establish standards (rather than the tape itsself) that any provider could apply when creating a post-trade data tape.

Looking at the firms involved in the FESE initiative they look like ones that would want to maintain the status quo – RIC codes, high market data fees, etc.  Surely no one seriously believes that they are trying to do us all a favour?

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