NEWS UPDATE
REGULATION
Cboe slams European Commission ’ s ‘ highly discriminatory ’ consolidated tape plans
Exchange operator Cboe has called the European Commission ’ s consolidated tape plans “ highly discriminatory ” to pan-European venues .
Brussels set out plans on November 25 in its Capital Markets Union ( CMU ) action plan to implement a single post-trade near real-time consolidated tape for every asset class .
However , as part of its proposals , the revenues generated by the tape will feed back to incumbent national exchanges , which many have argued excludes pan-European venues -such as Cboe NL , Turquoise Europe and Aquis Exchange Europe – and is unfair as they already receive listings fees for operating primary markets .
“ We have long advocated for a European equities consolidated tape , but the proposals are highly discriminatory against pan-European venues – including the single largest EU lit book in Cboe NL – and show a disappointing lack of ambition by not including pre-trade data from the outset ,” Cboe Europe ’ s chief regulatory officer , Nick Dutton , told The TRADE .
“ The consolidated tape needs to treat all market data contributors fairly , national and pan-European , to support CMU ’ s objectives – but the current proposal fails this basic test and would be detrimental to investors . We believe the proposal ’ s flaws can be easily remedied , and we will work with policymakers to ensure the final regulatory package delivers a tape that improves access to real-time pan-EU data and maintains a competitive landscape that puts investors ’ interests first .”
Issue 70 // thetradenews . com // 9