One Tape to Rule Them All

A key component of MiFID II is a pan-European consolidated tape. Yet the regulators' preferred option of an industry-led solution has yet to appear.


One of the unintended consequences of the European Commission’s original Markets in Financial Instruments Directive (MiFID) pan-European financial regulatory framework when it came into force in 2007 was data fragmentation in European equity markets. The segmentation of markets provided a whole series of different sources for the same data. As those different platforms or different data sources became more important, it became increasingly necessary to reference more than one single share price,

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