The European Commission recently published a report on the parameters for EU consolidated tapes (CTs). The reports contain a set of recommendations focused on key pre-conditions for the tapes to emerge, such as the quality of data to be transmitted to and disseminated by consolidated tape providers, as well as the timeline for disclosing the trading information around bonds and derivatives.
Tom McHugh, CEO of FINBOURNE Technology, said in emailed commentary: “An improved quality benchmark for best execution reporting across the EU can only be a good thing. However, the answer to this could well be a consolidated tape. Regardless of the chosen mechanism, the bigger picture is that data standards must be enforced consistently across all venues, and transparency measures should be introduced to ensure that errors are corrected in real time.”
FINBOURNE is bidding to become a bond CT provider. Read our recent in-depth interview with the team of another contender, Etrading Software, here.