Thomson Reuters fights fragmentation

Buy-side firms and multi-lateral trading facilities (MTFs) have called for the introduction of a US-style 'consolidated tape' that aggregates and publishes market data from the full range of execution venues.

Thomson Reuters first intro-duced its own consolidated Reuters Instrument Code (RIC) in late 2007 for roughly 1,200 of the most liquid European securities, but last month modified the service to reduce subscription costs and appeal to a broader swathe of the market.

The vendor now provides a

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