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.
When the EU laid the legal foundations for an equities consolidated tape (CT), it reckoned on private entities rushing to become the provider. The revised Markets in Financial Instruments Directive (Mifid II), which came into force in 2018, stressed that “it is essential that an effective and comprehensive consolidated tape is in operation as soon as possible.” The fact that the directive allowed just two years for private initiatives to emerge before it enabled the regulator to review the
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