[English translation] The European stock and bond markets do not of their own accord with a central collection system for transaction data, so the European Union must take action itself. Such a so-called consolidated tape should have been around for a long time, and longer linger is not an option – even if laws and regulations are not yet completely in order. In case of further delay, cancellation threatens.

That is the firm conclusion of a report published Wednesday that the British consultancy Market Structure Partners (MSP) wrote on behalf of the European Commission. The authors argue for a central utility entity that derives its authority from the European market watchdog ESMA.

According to MSP, membership should be mandatory for market parties, and non-cooperation should be subject to fines. The forthcoming Brexit only reinforces the need for data consolidation, according to the consultancy….