LSE: Standalone Trade Data Key to EU Tape

European exchanges currently tend to restrict access to real-time time-and-sales data, making it available only to clients of their real-time pre-trade quote feeds, either in the form of Level 1 best-bid-and-offer or Level 2 market depth feeds-a practice highlighted by recent research from Thomson Reuters as an impediment to achieving a cost-effective consolidated tape of European equity data (IMD, Jan. 25).

Jarod Hillman, head of real-time data at the LSE, says that exchanges across Europe have

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