A Consolidated Tape for Europe?

IMD: What will the commercial terms look like for a consolidated feed?

Misra: There's definitely a need to [provide redistribution and data dissemination], but the license fees to redistribute that [data] are very expensive. Instinet Europe pays those fees because we have our own order management system over which we disseminate data so that clients can trade.

IMD: Even if Chi-X doesn't offer its own consolidated tape, will it still take in data for smart routing and other functions?

Misra: I

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