As the EU pushes through a historic AI Act, its neighbor is left wondering how to keep up.
With political appetite established on both sides of the Channel, attention is turning to the technical details.
The debate over a consolidated tape for European equities heated up when a second contender for the role of provider emerged during the EU’s trilogue process. But as the bloc’s three legislative bodies try to reach a compromise, commercial interests are proving inescapable.
The Bloomberg, Tradeweb and MarketAxess consortium switched out its advisory firms at the end of last year to jumpstart its bid for the tape.
Regulators in the US, UK, and EU moved to push forward market data efforts this year.
Venue-led consortium plans to pick a winner before EU regulators begin tender process – anticipated in third or fourth quarter of 2023.
Bloomberg, MarketAxess and Tradeweb will join forces to create an independent company and will submit a request for information in search for a third-party vendor to partner with.
Market participants and industry groups are challenging the UK government’s approach to a competitive framework for the consolidated tape.
As data quality issues are a main impediment to a viable consolidated tape in Europe, Dutch regulator AFM has helped develop pilots in its Innovation Hub sandbox.
The second half of the year saw some long-awaited progress in the mission to fill the void of a consolidated tape in the European Union.
Market participants worry a venue-led CT could be of low quality, with CT data used to create expensive additional products.
Vendors grapple with unstandardized data reporting and data gaps in their push to develop a consolidated tape, as the EU prepares to unveil its latest legislative plans.
In the absence of a consolidated tape for debt securities in the EU, vendors with different approaches to distributing fixed-income market data are emerging.
The EC is pushing for a tape for fixed-income instruments, and market participants say it could speed up electronification, if implemented properly.