2010 Year in Review: Exchanges Balance Regulatory, Policy Changes

European exchanges unbundled real-time access to post-trade data in 2010 in a bid to avoid the European Commission imposing a mandated consolidated tape as part its MiFID review, while adopting new data policies to drive other revenues from their data businesses.

The debate over the consolidated tape began with the Committee of European Securities Regulators’ (CESR) May consultation paper, which suggested a mandated tape of European equity data to improve the quality and reduce the cost of pan-E

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