Industry Updates

BlackRock, Amundi, DWS and others propose to create EU consolidated tape

The proposal is at odds with the vision supported by the previously announced consortium of 14 exchanges

Jamie Gordon

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A group of buy and sell-side participants including BlackRock, Amundi, Barclays, Société Générale and UniCredit have proposed to create a user-led equity-ETF consolidated tape offering real-time pre and post-trade data.

The group – led by consultancy firm Adamantia – has approached several industry partners including the consortium of European exchanges to explore the possibility of creating a consolidated tape in Europe.

The initiative follows a feasibility study conducted by Adamantia last year which confirmed the importance of a trusted and usable consolidated tape accessible to all investors at a reasonable price, the need to include real-time pre-trade data as a pre-requisite and the technical and economic viability of operating such a tape.

It also comes in response to the European Commission’s proposal to develop consolidated tapes across different asset classes as part of the Market in Financial Instruments Regulation (MiFIR).

The announcement added the group supports the proposed framework for the tape submitted by the European Parliament in March and its members would reach out to the co-legislator to encourage its adoption.

The bid to establish a consolidated tape differs from a proposed bid made in February by a consortium of 14 exchange providers, which is looking to operate the tape.

Adamantia said it would evaluate which technology was best positioned to operate the trading infrastructure and would reach out to the exchanges “to explore the possibility of collaborating in this strategic project”.

“The group remains open to discussion with any provider able and willing to offer a suitable and effective technical solution for a real-time pre-trade consolidated tape,” it said.

“The group welcomes market participants of all types, which share the same views, to join the initiative and participate in its development.”

The new proposal chimes with views presented in an open letter by the European Funds and Asset Management Association (EFAMA) – co-signed by 18 asset managers including Invesco, Legal & General, Schroders and Baillie Gifford – arguing in favour of five layers of best bid and offer pre-trade data covering both equities and ETFs in real-time.

Adamantia’s announcement comes less than a week before three EU co-legislators enter into a trialogue to debate what form a consolidated tape should take.

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