EFAMA’s Yavari: Exchanges ‘short-sighted’ on consolidated tape potential

The EU's consolidated tape will not include venue attribution

Tom Eckett

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.


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