FCA unveils consolidated tape proposals
A consolidated tape would combine multiple sources of trading data into a single information stream
A consolidated tape would combine multiple sources of trading data into a single information stream, which the regulator argues will «increase transparency and access to trading data by lowering its cost and improving data quality».
Asset managers call for creation of equities and ETFs consolidated tape
The FCA has proposed to establish a CT for bonds, in which it says the UK has a leading global market, before expanding to a second CT for equities. It intends to run a tender process to appoint a single CT provider for bonds.
It has said it will consult on «further reforms» to bond and derivative transparency requirements in order to create a «simpler and more effective regime» to enhance the delivery of trade data in UK markets.
The move comes following a study earlier this year that investigated the effectiveness of competition in the wholesale data market, which in turn followed a report that questioned the fairness of the trade data market.
Sarah Pritchard, executive director of markets and executive director of international at the FCA, said: «We are adapting our rules to make sure the UK market works well, providing certainty for firms and so providing a good environment for investment.
»The new consolidated tape will help reduce trading costs, increase transparency and improve data quality.
«Our other measures announced today aim to further support the UK's thriving financial services sector.»
International regulatory association finalises ETF best practice guidelines
Jim Goldie, head of EMEA ETF capital markets at Invesco, said he hoped the UK consolidated tape would include venue attribution after it was
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