LONDON, May 7 (Reuters) – Banks and asset managers are vying with Europe’s exchanges to develop technology that can deepen the pool of investors in the continent’s capital markets and better compete with Wall Street.
The United States has long had a ‘consolidated tape’ aggregating stock and bond prices from competing trading platforms for investors to spot the best deals, and the European Union and Britain seek to match this over the coming three years.
“The purpose of the tape is to democratise access to market data and to make sure that everybody is seeing the full breadth and depth of the market,” said Natan Tiefenbrun, president of North American and European equities at Cboe Global Markets, a pan-European stock exchange.
The current “messy” and fragmented system for market data discourages investors, Tiefenbrun added.
EU securities watchdog ESMA said it will consult before the end of May on its criteria for selecting winning bidders to run a tape for bonds initially, and then one for stocks.
Source: REUTER
