As Industry Group Releases MMT Standards, Participants Question Consolidated Tapes

Andrew Allwright, head of EMEA market structure and compliance solutions , Thomson Reuters

Industry participants, standards bodies and data vendors last week published version 1.0 of the Market Model Typology (MMT), a framework for standardizing trade flags across Europe as the basis for creating consolidated tapes of pan-European post-trade data. But the lack of official endorsement from European regulator the European Securities and Markets Authority (ESMA) is prompting some participants to question whether there is sufficient demand—or a commercial case—for a consolidated tape.