Officials from the securities markets division of the European Commission (EC) have been talking once again about draft proposals for a consolidated tape to bring more transparency to strategic asset classes, including equities, derivatives, exchange-traded funds (ETFs) and bonds.
There’s a chance this will come to pass for the first three, which are mostly exchange traded, albeit across many venues.
However, it still looks a stretch too far for the largely over-the-counter (OTC) markets in sovereign bonds and especially in corporate bonds, which are bedevilled by large numbers of different securities that rarely trade, even though ETF technology has partially solved some of the chronic illiquidity.
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