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Bloomberg, MarketAxess and Tradeweb explore EU consolidated tape for fixed income

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Bloomberg, MarketAxess and Tradeweb Markets have announced an initiative to jointly explore the delivery of a consolidated tape for fixed income instruments in the European Union, with the intention to apply to become the consolidated tape provider (CTP) through the public procurement procedure, which the European Securities and Markets Authority, ESMA, will organise.

The companies believe that European financial markets would benefit greatly from a well-functioning fixed income consolidated tape, and industry collaboration will be essential to delivering a solution that utilises existing infrastructure to provide end users with access to reliable, high-quality MiFID II data.
 
The consolidated tape service is expected to be provided – subject to the relevant regulatory approvals – via a joint-venture company established and operated independently from our respective businesses. If successful in winning the mandate, the company would be authorised and supervised by ESMA to provide transparency in fixed income markets pursuant to MiFID II.
 
As a next step, the companies are preparing a competitive request for information process to review independent third-party technology and operating partner(s) for the consolidated tape service.

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