How could Brexit impact the consolidated tape in Europe?

Developing a consolidated tape of post-trade prices will be at the core of the European Commission’s (EC) review of the MiFID II rules which came into effect in 2018. Since the departure of the United Kingdom (UK) from the European Union (EU), the UK’s market regulator has consulted on the development of a tape for its markets.

If European firms are to manage two tapes – one for the UK and and one for the EU – the effects of consolidation, such as lower data costs and standardised data formats, could be signfnicantly reduced.

We asked Christoph Hock, head of multi-asset trading at Union Investments, Jason Waight head of regulatory affairs for Europe at MarketAxess and Stephane Malrait, global head of market structure and innovation for financial markets at ING Bank, how the developments might pan out and what effect that could have upon buy-side and sell-side traders.

Published on May 19, 2021

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