Industry Steps Up Calls for European Consolidated Tape

Traders in Europe face rising data acquisition costs and increasing regulatory reporting pressures argue that a pan-European consolidated tape is long overdue.

Until the introduction of the first Markets in Financial Instruments Directive (Mifid) in 2007, European stocks usually traded on domestic exchanges. If a firm didn’t trade any French stocks, it didn’t need to connect to Euronext Paris. But while Mifid allowed all markets to trade stocks listed elsewhere, one significant hurdle remained: Pan-European trading required a pan-European consolidated tape of price activity, yet the regulation did not mandate one.

More than a decade later, provisions

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