On Thursday, 17 October, the expert stakeholder group on equity and non-equity market data quality and transmission protocols (‘DEG’) published its recommendations on the parameters for ‘EU consolidated tapes’.
The recommendations made by this group—set up within the framework of the Markets in Financial Instruments Regulation (‘MiFIR’)—will feed into the European Securities and Markets Authority (‘ESMA’) and the European Commission’s work on MiFIR implementing measures (see EUROPE 13355/25).
The recommendations notably focus on the essential preconditions for the tapes to emerge, such as the quality of the data to be transmitted to and disseminated by consolidated tape providers as well as the timeline for disclosing trading information concerning bonds and derivatives.
“The consolidated tape can be a significant step towards advancing the Savings and Investments Union, making markets more attractive and easier to navigate for EU and international investors, provided we put in place all the technical measures necessary to remove the remaining barriers”, commented European Commissioner for Financial Services Mairead McGuinness in a press release on Thursday.
“We will now carefully consider their proposals together with ESMA”, she explained.
Link to the various reports by the group of experts: https://aeur.eu/f/dxf (Original version in French by Bernard Denuit)