The merits of consolidated tape – a centralised system for disseminating real-time trading information that aggregates data across different venue types – have been widely discussed by European investors, regulators and market participants across all asset classes.
In the US, the trade reporting and compliance engine (Trace) has been providing consolidated data for over-the-counter (OTC) debt securities since the early 2000s. The European Commission first outlined its plans for a similar system in 2010, but concerns around market data quality, the sheer number of data providers, and complex licensing policies have stymied progress.
However, there is now a timeline in place.
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