EU lawmakers struggle to find common ground on equities CT

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.

After years of glacial progress on the implementation of a consolidated tape (CT) for European equities, the debate over its hypothetical operator is heating up once again.

The idea of a continuous, publicly available stream of European market data goes back to at least the 1970s. But in recent years, both the Markets in Financial Instruments Directive (Mifid) and its successor Mifid II/Mifir failed to produce a regulator-backed candidate to build the tape.

In November 2021, the European

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