07 Oct 2020
EU-backed study calls for new body to track equities trades

“An EU-backed report has called for a new self-regulatory body to track equities and debt trades and impose fines on exchanges and brokers that provide poor data, in an effort to bolster the region’s capital markets in the wake of the UK’s departure from the bloc.

A so-called consolidated tape, bundling together data from Europe’s patchwork of more than 30 exchanges and trading venues, has long been a goal of Brussels.

But the new report, by UK consultancy Market Structure Partners, suggests for the first time that enhancing this with the power to levy fines would take the EU closer to the US model for regulating market data.

“Being able to enforce the standards, not just technical but operational, and rules is critical if Europe wants to succeed in building deeper capital markets,” said the consultancy’s chief executive Niki Beattie, who wrote the report. …”