[ M A R K E T R E V I E W | T H E C O N S O L I D A T E D T A P E S ] tape.
Similarly, the prospect of a reasonable commercial basis requirement for data is also a subject of interest for the regulatory bodies. With transparency and data accessibility some of the key advantages a CT is set to bring, ensuring that the price of data remains fair is vital. Since each of the UK and EU tapes will have one provider, eliminating the prospect of having a monopoly on pricing and fees is essential to ensure market participation and adoption, as well as trust and ensuring the overall success of the respective tapes.
However, for Chris Murphy, chief executive and co-founder of ESMA’ s CTP, Ediphy, ensuring fair data pricing comes hand-in-hand with providing a tape.
He said:“ Our goal with the consolidated tape was always very much that we need to operate it with a utility philosophy in mind. It was already how we were thinking about operating the tape anyway. We want to make sure that we earn a reasonable return for our capital providers. But over and above that we want to make sure that everyone in the industry shares the success of the tape rather than it being for us alone to take advantage of.”
Best of both worlds? As tapes in the UK and EU draw nearer, discourse also appears to circle back to how the market will react to it, specifically, how prepared the fixed income world is.
The undercurrent of how having two separate tapes will work frequently surfaces, made even more prevalent by Ediphy’ s challenge to the UK tender. Dialogue around the suspension has brought about the issue of the UK falling behind, and the EU’ s tape being recognised as
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