Nyse Technologies to develop EU consolidated tape

Nyse Technologies to develop EU consolidated tape

The technology arm of Nyse Euronext has announced plans to launch a consolidated tape providing complete coverage of post-trade equities data from all European regulated exchanges, MTFs, and OTC markets beginning Q3 2011.

Nyse Technologies says the tape will be available both as a real-time consolidated data feed and as a 15-minute delayed 'Tape of Record'. The 'Tape of Record' will be free of charge to all investors and will be made broadly available via both the internet and market data vendors.

The surprise go-it-alone initiative comes as groups such as FIX Protocol and the Association of Financial Markets in Europe push for an industry-led solution to the regulatory demands for the provision of consolidated post-trade and OTC trading data for EU financial markets practioners.

NYSE Technologies says it will invite other markets to partner in providing consolidated tape solutions and will supply the technology to other providers and approved publication agents (APA's) to power their own tapes.

Dominique Cerutti, president and deputy CEO, Nyse Euronext, says: "Trade reporting standards enable competition which in turn, brings the innovation and cost reduction needed to resolve Europe's transparency burdens."

His views are echoed by Scott Cowling, head of scientific equity trading at BlackRock: "As a market participant, I look forward to comparing this proposed solution with the others, either regulator or market driven, which will be offered to the market."

Nyse will partner with market data vendor Markit Boat to develop the service, following on from their July 2010 venture to to deliver a tape that details trades reported to their respective OTC trade reporting platforms.

Comments: (3)

Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford 22 November, 2010, 13:55Be the first to give this comment the thumbs up 0 likes

So, it's looks like we may have 'competing' consolidated tapes in Europe. How will that work then? Isn't that the opposite of what the industry wants (needs)?

A Finextra member
A Finextra member 22 November, 2010, 14:16Be the first to give this comment the thumbs up 0 likes

Well exactly Liz, and I also can't quite figure out how one exchange group, going it alone, is going to get its hands on all the market data it needs, in real time?

Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford 22 November, 2010, 16:26Be the first to give this comment the thumbs up 0 likes

I know! I am sure the LSE will go running to Basildon, real-time data in a welcome basket, and just hand it over to Nyse. ;-)

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