Overview

MiFID II proposed the creation of a consolidated tape (CT) which would act as a single price comparison tool consolidating data across the EU, assisting market participants in analysing market liquidity and increasing investors’ capacity to evaluate the quality of execution of their orders.

We believe that the provision of an appropriately constructed CT could democratise access for all investors, regardless of resources or sophistication, with a comprehensive and standardised view of equities and fixed income trading environments. This will contribute to the creation of a truly pan-European market, in line with the goals of the Commission’s Capital Markets Union (“CMU”). An appropriately constructed CT could also reduce the cost of display data and reduce complexity relating to market data licences.