October 2020

Market Structure Partners undertook “The Study on the Creation of an an EU Consolidated Tape” for the European Commission.


This study analyses the demand for consolidated European financial market data in equities and bonds. It examines the benefits that would arise from such data, the challenges to creating it and recommends an architecture for future data consolidation.

The study is based on the input of 200 data stakeholders and research into North American consolidation

It finds that:

  • There is high demand for consolidated data and it would be of significant benefit to market participants, including investors, issuers, and regulators.
  • Consolidation is prevented by legal, organisational and economic challenges. Technology is not a constraint.
  • These challenges could be overcome by the creation of an exclusive consolidated data provider that is overseen by the regulator, run by data stakeholders and empowered to set rules for data contributors.
  • The benefits of creating consolidated data outweigh the costs of implementing the organisational and technical frameworks needed to deliver it.
  • Significant progress can be made towards a solution by regulators and stakeholders working together under the current legal framework. However, full data consolidation and resolution of all the challenges require further legislative change.

It is recommended that the European Commission pursues its current powers to create an exclusive consolidated tape provider that is run as a utility whilst seeking to introduce further legislative changes to support the full solution.

Read the Report

Click the links below to download the report:

Press Release

Download the press release here.