The appropriate construction, and conditions for the usage, of a Consolidated Tape
In the modern economy, data is increasingly becoming a strategic asset. This is particularly true for the asset management industry, where data forms the backbone of the daily activities and internal processes necessary to guarantee best practices in portfolio management.
Asset managers are major users of a variety of data, including market data, index data and, increasingly, ESG data. EFAMA advocates for, and seeks to support members’ access to, high-quality, standardised and comparable data at a fair price. EFAMA also encourages the creation of a well-structured, reasonably priced consolidated tape fed by all trading venues and systematic internalisers for all financial instruments.
EFAMA supports the European Commission's initiative to establish the European Single Access Point. We see it as a unique opportunity for the Capital Markets Union to centralise all publicly available ESG and financial transparency information data in one place.
EFAMA supports the initiatives launched by IOSCO and other regulators (e.g. ESMA, FCA, SEC) to analyse and address the significant issues concerning market data in the secondary equity market.
List of recommendations show what is needed to ensure a successful tape.
The European Fund and Asset Management Association (EFAMA) has released the 13th edition of its Asset Management in Europe report, which provides in-depth analysis of recent trends in the European asset management industry, focussing on where investment funds and discretionary mandates are managed in Europe.
A report commissioned by the European Fund and Asset Management Association published on 4 October 2011 aims to give investors greater transparency and understanding of cost breakdown within the Total Expense Ratio ("TER") of European mutual funds.