In June 2023, the European Parliament and the European Council reached agreement on the European Commission’s proposal for a review of the regulation governing rules about the structure of the markets in financial instruments.
One of the key elements of this proposal was a mandatory framework for a consolidated tape that would bring together the prices and volumes of various financial instruments from hundreds of execution venues into a single stream.
A single system for corporate bond price and volume data would benefit small trades – but perhaps at the cost of liquidity for block trades.
Zornitsa Todorova, head of thematic macro research at Barclays, says that faster disclosures and the arrival of a consolidated tape will see the percentage of European corporate bond market transactions reported in real time increase from the current 8% to more than 80%.
“The tape will provide a single reference source for prices and volumes, making...
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