Susan Yavari, senior regulatory adviser at the European Fund and Asset Management Association (EFAMA), has warned exchanges failed to realise the potential of a “more ambitious” consolidated tape.
In a recent ETF Stream webinar, titled ETF Investigations: Consolidated tape arrives in Europe, Yavari said a consolidated tape with live pre-trade data, venue attribution and multiple layers of quotes would have been a “win-win” for both the buyside users and the exchanges.
In June, the European Council, Commission and Parliament agreed to establish a consolidated tape for equities and ETFs with live pre-trade data, however, without venue attribution.
“A more ambitious consolidated tape would have been a win-win for exchanges,” Yavari stressed. “The more volume of trading that would have been on exchanges would by far exceed any potential loss of revenue.
“If you [want to] grow the pie, there should be every interest in developing an [ambitious] consolidated tape instead of taking a short-sighted view on the risks [to your business] a consolidated tape presents.”
Speakers in this webinar include:
Susan Yavari, Senior Regulatory Policy Adviser at EFAMA
Rosa Armesto, Deputy Director General at the Federation of European Securities Exchanges
Brian Higgins, Partner at Dillon Eustace
ETF Investigations is a new webinar series from ETF Stream which examines the key issues facing ETF investors in Europe. To watch a full replay of this webinar, click here.