The European Council and the European Parliament have agreed to establish a consolidated tape for equities and ETFs that publishes data “as close as possible to real-time”.
The consolidated tape will include market data from all trading platforms such as exchanges in order to provide investors with “up-to-date” transaction data for the whole of the European Union.
The European Council said consolidated tapes for different asset classes such as bonds will also be created.
“The Council has reached a provisional agreement with the European Parliament on changes to the EU’s trading rules that will increase the global competitiveness of the EU’s capital markets and give investors access to the market data necessary to invest in financial instruments more easily,” the European Council said in a statement.
The agreement, which is part of the EU’s MiFIR review, follows months of negotiations between the European Commission, Parliament and Council over the details around a consolidated tape for equities and ETFs.
The European Parliament has advocated a consolidated tape that includes real-time pre-trade data – as supported by asset managers – while the European Council has favoured one that only incorporates real-time post-trade data, a move backed by European exchanges.
“I am glad we have found a political agreement on this review that will bring more transparency and make market data more available,” Elisabeth Svantesson, Swedish Minister for Finance, added.
“A more transparent and accessible financial market will improve the level-playing field between investors and strengthen the EU’s competitiveness at international level, to the benefit of businesses and citizens.”