Tilman Lueder, head of securities markets at the European Commission, has called on asset managers to make a commercial commitment if they want to see a consolidated tape with real-time pre-trade data legislated.
Speaking at ETF Stream’s ETF Ecosystem Unwrapped 2023 event, Lueder said the implementation of a consolidated tape in Europe is not a question of technology but a “commercial issue”.
The European Commission is currently in a trialogue with the European Parliament and European Council to define a guiding framework for a consolidated tape across the European Union.
The European Parliament favours the implementation of a consolidated tape with real-time pre-trade data which is something the European Council is opposed to.
“This is the first legislative process in a long time that is in reality a commercial negotiation between two sides that are not directly at the table,” Lueder said.
“It is all about the money. This is an interesting juncture in the negotiations as we cannot expect data contributors to contribute data to a counterpart that is not willing to negotiate on the price of that data.”