{"id":320748,"date":"2025-10-21T08:51:20","date_gmt":"2025-10-21T08:51:20","guid":{"rendered":"https:\/\/www.europesays.com\/us\/320748\/"},"modified":"2025-10-21T08:51:20","modified_gmt":"2025-10-21T08:51:20","slug":"market-data-users-identify-gaps-in-eu-consolidated-tape","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/320748\/","title":{"rendered":"Market Data Users Identify Gaps in EU Consolidated Tape"},"content":{"rendered":"<p>                                <img decoding=\"async\" src=\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/10\/Depositphotos_198471984_xl-2015-1024x695.jpg\" alt=\"Market Data Users Identify Gaps in EU Consolidated Tape\"\/>                                <\/p>\n<p class=\"u-text-m u-line-h-m\">The creation of an EU consolidated tape (CT) for equities and ETFs is a significant step forward for European capital markets, with the goal of enhancing transparency, efficiency and availability of pre-trade and post-trade data across Europe.<\/p>\n<p class=\"u-text-m u-line-h-m\">EFAMA, EPTA and Protiviti recently addressed a letter to ESMA and the European Commission identifying key gaps in the current framework and listing their recommendations for how to ensure effective implementation of a successful equities and ETF CT. A well-functioning tape will help investors make better-informed decisions, tying in with the goals of the Savings and Investment Union (SIU).<\/p>\n<p class=\"u-text-m u-line-h-m\">Their recommendations include:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>Expand the depth of pre-trade quotes to include 5 layers of prices and volumes<\/strong>, which would allow the tape\u2019s users to gain richer insights into supply and demand, enable better execution decisions, tighter spreads, and growth of secondary markets.<\/li>\n<li style=\"font-weight: 400;\"><strong>Identify the venue on pre-trade data<\/strong>\u00a0to increase user confidence and trust, improve order routing and best execution, reduce information asymmetry, enhance competition, and provide visibility for smaller venues together with accountability for larger venues.<\/li>\n<li style=\"font-weight: 400;\"><strong>Include ETCs (Exchange-Traded Commodities) and ETNs (Exchange-Traded Notes) on the tape<\/strong>, as they trade on the same venues as ETFs and excluding them risks fragmenting the market data landscape and increasing complexity.<\/li>\n<li style=\"font-weight: 400;\"><strong>Encourage smaller venues (which have the option to opt out) to contribute data<\/strong>, which would lead to more visibility around their niche liquidity pools, local investor bases, or unique order types not visible on larger venues.<\/li>\n<li style=\"font-weight: 400;\"><strong>Secure a robust governance framework for the tape,<\/strong>\u00a0which includes representatives from the data user community in the main decision-making bodies, especially in key areas such as pricing, data content, latency and access.<\/li>\n<\/ul>\n<p class=\"u-text-m u-line-h-m\">Policymakers have the opportunity to address these areas in the upcoming SIU legislative package.<\/p>\n<p class=\"u-text-m u-line-h-m\">These recommendations are in addition to EFAMA\u2019s previous statements regarding pricing, Reasonable Commercial Basis and venue attribution, which you can find\u00a0<a href=\"https:\/\/www.efama.org\/newsroom\/news\/new-rules-establishing-eu-consolidated-tape-will-boost-capital-markets-could-still-go\" target=\"_blank\" rel=\"noopener nofollow\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.efama.org\/newsroom\/news\/new-rules-establishing-eu-consolidated-tape-will-boost-capital-markets-could-still-go&amp;source=gmail&amp;ust=1761120042101000&amp;usg=AOvVaw0b2byoQvc9q-s4tD4MVfdq\">here<\/a><\/p>\n<p class=\"u-text-m u-line-h-m\">Read the full joint letter\u00a0<a href=\"https:\/\/www.efama.org\/sites\/default\/files\/one-tape_efama_20october_v3.pdf\" target=\"_blank\" rel=\"noopener nofollow\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.efama.org\/sites\/default\/files\/one-tape_efama_20october_v3.pdf&amp;source=gmail&amp;ust=1761120042101000&amp;usg=AOvVaw3M_bSnewmGtnfGYbMR-FkB\">here<\/a>.<\/p>\n<p class=\"u-text-m u-line-h-m\">Source: EFAMA<\/p>\n<p>                                            <img decoding=\"async\" src=\"https:\/\/www.marketsmedia.com\/wp-content\/themes\/Markets_Media_RS\/static\/img\/email.svg\"\/><\/p>\n<p>                                            NEWSLETTER SIGN UP<\/p>\n<p>And receive exclusive articles on securities markets<\/p>\n","protected":false},"excerpt":{"rendered":"The creation of an EU consolidated tape (CT) for equities and ETFs is a significant step forward for&hellip;\n","protected":false},"author":3,"featured_media":320749,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[64,135,67,132,68],"class_list":{"0":"post-320748","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115411307119763394","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/320748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=320748"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/320748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/320749"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=320748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=320748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=320748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}