Unbundled EU Data Yet to Deliver Transparency

Austrian exchange Wiener Börse became one of the last members of the Federation of European Securities Exchanges (FESE) to unbundle trade data from its Level 1 quote and trade information two weeks ago, making good on a commitment by FESE members designed to reduce the cost of consolidating pan-European market data. But despite this initiative, concerns persist that the Europe-wide unbundling process has not delivered the hoped-for market transparency or cost savings.

The cost of market data is

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