FESE’s Armesto: Consolidated tape agreement left ‘everyone equally unhappy’

Exchanges pushed for a consolidated tape that only included post-trade data

Tom Eckett

Rosa Armesto, deputy director general at the Federation of European Securities Exchanges, has argued the consolidated tape agreement left both sides of the negotiations “equally unhappy”.

In a recent ETF Stream webinar, titled ETF Investigations: Consolidated tape arrives in Europe, Armesto stressed the importance of creating a consolidated tape that has the “highest data quality” for it to have the desired impact for the Capital Markets Union.

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.

Asset managers and some sell-side firms have been pushing for a consolidated tape that includes five layers of quotes as well as venue attribution, something exchanges were against throughout the negotiations due to concerns around loss of revenues.

“The end result has left everyone equally unhappy,” Armesto said. “The discussions on the consolidated tape became political.

“The European Securities and Markets Authority (ESMA) has an important role in defining some of the key Regulatory Technical Standards (RTSs) for the consolidated tape. It must have the highest quality of data for it to function.”

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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