Consolidated tape
Consolidated tape hopefuls gear up for uncertain tender process
The bond tapes in the UK and EU are on track to be authorized in 2025. Prospective bidders for the role of provider must choose where to focus their efforts in anticipation of more regulatory clarity on the tender process.
One step forward, two steps back—European regulation grapples with the same old problems
Stop me if you've heard this one before...
ECB’s Lagarde sets out vision for integrated European capital market
The president of the European Central Bank argues for a more ambitious, top-down approach to the capital markets union.
Industry unsure of SEC’s new short-selling transparency rule
Does the SEC’s recent 10C-1a rule provide sufficient transparency while protecting traders’ short-sale positions from a GameStop-style backlash? The data will be key.
The consolidated tapes are taking shape—but what shape exactly?
With political appetite established on both sides of the Channel, attention is turning to the technical details.
Is the equities tape slipping through Europe’s fingers?
The EU has finally reached a compromise on a consolidated tape. But Theo wonders if it is too little, too late.
This Week: Europe’s Mifir review, MarketAxess, FIA, and more
A summary of the latest financial technology news.
EU lawmakers struggle to find common ground on equities CT
The debate over a consolidated tape for European equities heated up when a second contender for the role of provider emerged during the EU’s trilogue process. But as the bloc’s three legislative bodies try to reach a compromise, commercial interests are…
Hurry up and wait: EU debates potential models for ‘essential’ consolidated tape
As the legislative debate surrounding a future European consolidated tape for equities takes on increased urgency, market participants and interested parties are beginning to weigh in with their visions of a successful tape.
After slow start, the ‘Big 3’ fixed-income consortium taps Finbourne as partner for CT bid
The Bloomberg, Tradeweb and MarketAxess consortium switched out its advisory firms at the end of last year to jumpstart its bid for the tape.
Consolidated tapes gain ground in 2022
Regulators in the US, UK, and EU moved to push forward market data efforts this year.
Banks express concern over top venues’ bid for EU consolidated tape
End-users are worried about the repercussions of handing over a data monopoly to the heavyweight operators in the fixed income space.
Waters Wrap: Are consortiums more viable in today’s tech environment?
Rishi Nangalia and Nilesh Nanavati, founding partners of advisory firm OpCo, say that while consortium projects are popular in the capital markets, most fail to get off the ground. Can that be prevented?
Startups vie with potential EU consolidated tape to fill market data needs
With a consolidated tape for European debt securities finally on the horizon, startups anticipate how they can fill inevitable gaps.
Bloomberg, MarketAxess, Tradeweb probe three tech partners for consolidated tape bid
Venue-led consortium plans to pick a winner before EU regulators begin tender process – anticipated in third or fourth quarter of 2023.
SEC deadline raises existential questions for US market data
This month, the commission must decide on a fee filing under its market data modernization efforts. Jo wonders how likely we are to see those efforts materialize any time soon.
Retooling repo: How Broadridge, Bloomberg, Tradeweb, and JP Morgan are modernizing repurchase agreements
From brokers to trading platform providers, players in the repo market are focused on initiatives around reducing settlement fails, increasing automation, and streamlining operations.
Top three fixed income venues confirm bid to deliver EU consolidated tape for bonds
Bloomberg, MarketAxess and Tradeweb will join forces to create an independent company and will submit a request for information in search for a third-party vendor to partner with.
Court thwarts exchanges’ petition to head off market data threat
The DC appeals court has denied a petition to void a rule that seeks to bring competition to the US consolidated tapes.
Market data plans revive proposals to move odd lots onto Sips
Consultation on democratizing odd lots data closes next week, but more solutions to order protection concerns may be needed.
One versus many: Firms question viability of UK CT model
Market participants and industry groups are challenging the UK government’s approach to a competitive framework for the consolidated tape.