European exchange groups prepare for EU consolidated tape for equities

Rick Steves

The 14 exchange groups have signed a term sheet to establish a joint venture that will evaluate and prepare an application as a CT provider in a future selection process.

Fourteen European exchange groups present in 26 EU member states have announced a joint initiative to participate in the future selection process for the provision of a consolidated tape (CT) for equities in the European Union.

The initiative comes on the heels of the European Commission’s proposal for an equities tape to contribute to the development of the Capital Markets Union.

The European Commission argues that a true single market cannot exist without a more integrated view of EU trading. A consolidated tape will provide consolidated data on prices and volume of traded securities in the EU, thereby improving overall price transparency across trading venues. It will also improve competition between trading venues.

Together with the European Single Access Point for company information (ESAP), it will give investors access to considerably improved information at a pan-European level.

Consolidated tape toward EU’s open strategic autonomy

An important desired aim of the consolidated tape is to give investors and market participants an accurate and complete view of trading in equity markets in order to reduce liquidity and execution risk and therefore (implicit) trading costs.

Through this joint venture, the participating exchanges, as key players in the EU’s capital markets ecosystem, are reiterating their commitment to fostering the EU’s open strategic autonomy. All EU Members States except Slovakia.

The 14 exchange groups have signed a term sheet to establish a joint venture that will evaluate and prepare an application as a CT provider in a future selection process.

Joint venture participants:

  • Athens Stock Exchange
  • Bucharest Stock Exchange
  • Budapest Stock Exchange
  • Bulgarian Stock Exchange
  • Cyprus Stock Exchange
  • Deutsche Boerse Group
  • Euronext, incorporating:
    • Borsa Italiana
    • Euronext Amsterdam
    • Euronext Brussels
    • Euronext Dublin
    • Euronext Lisbon
    • Euronext Paris
    • Oslo Børs
  • Luxembourg Stock Exchange
  • Malta Stock Exchange
  • Nasdaq, incorporating:
    • Nasdaq Stockholm
    • Nasdaq Copenhagen
    • Nasdaq Helsinki
    • Nasdaq Iceland
    • Nasdaq Riga
    • Nasdaq Tallinn
    • Nasdaq Vilnius
  • SIX Group, incorporating:
    • BME Exchange
  • Warsaw Stock Exchange
  • Wiener Börse, incorporating:
    • Prague Stock Exchange
    • Vienna Stock Exchange
  • Zagreb Stock Exchange, including:
    • Ljubljana Stock Exchange

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