ESMA Review of MiFID II Recommends Establishing Consolidated Tape for Equity
The European Securities and Markets Authority (ESMA) review of market data prices has found that the Markets in Financial Instruments Directive (MiFID II) has not delivered on its objective of reducing the cost of market data or of establishing a consolidated tape for equities.
MiFID II requires venues and data providers to publish market data on a reasonable commercial basis, in a disaggregated format and free of charge 15 minutes after publication. However, the report indicates that access to data remains complicated and expensive.
Access to market data is essential for ensuring transparency, fair, efficient markets and unified EU markets. ESMA recommends a mix of supervisory and legislative changes to improve this area, including establishing a real-time consolidated tape in order to ensure fair access to this essential information across the EU.
Following the publication of this report ESMA will begin work on the supervisory changes needed to improve the quality and access of market data across the EU.
Read more and access the report here.