NYSE Euronext’s wholly owned subsidiary NYSE Technologies plans to launch a consolidated tape for European equity markets beginning in quarter three 2011.
The tape will be available both as a real-time consolidated data feed and as a 15-minute delayed “Tape of Record”.
The Tape of Record will be free of charge to all investors and will be made broadly available via both the internet and market data vendors.
The consolidated tape will contain complete coverage of post-trade equities data from all European regulated exchanges, MTFs, and OTC markets.
NYSE Technologies will invite other markets to partner in providing consolidated tape solutions and will supply the technology to other providers and approved publication agents to power their own tapes.
In July 2010 NYSE Technologies entered into a strategic partnership with Markit Boat, the largest trade reporting venue in Europe within its own range of market data products, to deliver a consolidated OTC tape that includes trades reported to Markit Boat and NYSE Euronext’s OTC trade reporting platform which together account for nearly all OTC trading activity in Europe.
NYSE Technologies will be able to deliver the real-time service at a fraction of the cost investors incur today for real-time consolidated data, due to the adoption of unbundled pricing for post-trade data by exchanges. Broad distribution will be achieved because of the fee waivers for all end-users of delayed data.
“Trade reporting standards enable competition which in turn, brings the innovation and cost reduction needed to resolve Europe’s transparency burdens,” says Dominique Cerutti, president and deputy chief executive, NYSE Euronext. “A European ‘Tape of Record’ will address the critical elements in the Mifid post-trade transparency debate relating to the quality and cost of consolidated equity post-trade data.”
“The consolidated tape has been highlighted by regulators and market participants as an important area of focus. As a market participant, I look forward to comparing this proposed solution with the others, either regulator or market driven, which will be offered to the market,” says Scott Cowling, head of scientific equity trading at BlackRock in Europe.
