The devil is in the details—unfortunately, a lack of details is exactly what has plagued the establishment of a European consolidated tape (CT) over the last decade.

James McKeone, vice president of European data at Nasdaq, understands the theory behind a tape, and he understands a tough, ingrained problem in Europe’s market structure—deep fragmentation and a need for transparency. He says that Nasdaq was supportive of a tape, so long as it’s useful to the industry and does not increase costs