… Although a key aim of MiFID II, a review of the regulation from the European Securities and Markets Authority (ESMA) has admitted that MiFID II has not had any positive impact on the contentious issue of market data fees. ESMA has previously stated that the introduction of a real-time consolidated tape in Europe could be a solution to the problem.

Niki Beattie, CEO of Market Structure Partners and author of the European Commission-backed research, outlined that the study had highlighted a clear need for a European consolidated tape. But warned it is unrealistic a tape will be established under the current market legislation.