30 September 2014

Former exchange execs lay down plans for EU consolidated tape

27 November 2012  |  3823 views  |  0 Stock exchange screen up and down arrows

Graham Dick, former head of business development at Chi-X Europe and Mark Schaedel former global head of market data at Nyse Euronext, have called on EU equity market practitioners to get behind their plans for the delivery of an industry-led pan-European consolidated tape.

Dick and Schaedel have spent the past six months drumming up support for the plans, dubbed the Coba Project, with regulatory bodies, execution venues, buy- and sell-side institutions and data vendors.

In an open letter to industry stakeholders, the partners lay out the collaborative efforts required to achieve the initial phase of implementation, currently targeted for late Q2 2013 and request written confirmation of support.

Schaedel, who chaired the Market Model Typology (MMT) working group and Federation of European Securities Exchanges Data Consolidation Committee, says the framework builds on the lessons learned ffrom the US consolidated tape system, while taking into account the unique circumstances and opportunities that have impeded progress in Europe.

The framework builds on the MMT initiative and applies the recently-defined FIX standards for the consolidation of trade reports and market data. Key to the proposals is the establishment of an independent 'Consolidated Tape Administrator' that will be responsible for the centralised allocation of participant revenues, as well as, data recipient licensing, billing and compliance functions.

"We believe that we have established a framework which addresses all of the regulatory, technical and commercial issues and has sufficient industry support to move forward", says Graham Dick. "With the commitment and cooperation of key stakeholders, the first phase of implementation can be delivered by the end of the second quarter 2013."

You can download the open letter here:» Download the document now 215.7 kb (PDF File)

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