A Way Forward for the Consolidated Tape?
A recent EU-backed report has presented what might be the most viable governance model yet for the controversial project.
One of the objectives of the second iteration of pan-European securities regulation the Markets in Financial Instruments Directive (Mifid II) was to create a consolidated tape of European equities data, to match the consolidated marketplace for pan-European equities created by the first version of the directive in 2007. To achieve this, Mifid II proposed the creation of commercial consolidated tape providers, whom it assumed would willingly come forward to take up the mantle. But two-and-a-half
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