Opening Cross: Hail CESR, Conqueror of European Data

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Last week, the Committee of European Securities Regulators formally recommended that the next version of the Markets in Financial Instruments Directive should provide a pan-European consolidated tape of data from exchanges and multilateral trading facilities to increase market transparency, just as exchanges - which arguably could lose out under such a plan - reported mixed financial results for the second quarter of 2010.

In North America, TMX Group showed a modest 4 percent increase in Q2

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Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T

Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.

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