Industry Bodies: EU Consolidated Tape Needs Strong Governance by Esma

Esma will use the submitted responses to draft its advice on market data costs and the European consolidated tape, which will be presented to the European Commission in December.

Trade associations including the International Capital Market Association (ICMA) and the FIA European Principal Traders Association (FIA EPTA) have called for strong governance of a European consolidated tape (CT) in their responses to a July 12 consultation paper from pan-European regulator the European Securities and Markets Authority (Esma) on the development of market data prices and the establishment of a European consolidated tape.

On September 6, industry representatives and trade

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