European asset managers continue to urge policymakers to support the European Parliament’s proposal for an Equities/ETFs consolidated tape which includes 5 layers of real-time pre-trade data.  Market participants, including the European buy and sell-sides have consistently maintained that a post-trade only equities/ETFs consolidated tape will not meet with the market demand required to make the tape commercially viable. Tanguy van de Werve, Director General of EFAMA, stated: “This would be a legislative se

EFAMA welcomes the recent proposal by European exchanges to build a consolidated tape. This affirms the buy-side’s long standing view that a European consolidated tape is key to completing the objectives of the Capital Markets Union and ensuring that European capital markets remain globally competitive. We have identified important use-cases for institutional and retail investors alike, not least in the ability to receive best execution on trades.

3 June 2022 - EFAMA, ICSA and MFA  (the Associations) have read IOSCO’s Feedback Statement on “Market Data in the Secondary Equity Market”  following the IOSCO consultation in 2021, and warmly welcome its conclusions.

The Associations would like to draw attention towards the executive summary in particular, where a number of valuable insights and recommendations are presented. For example, we fully support the statement below, though we would suggest an important addition: