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ESMA plans to follow up the consultation with a report to the European Commission in December, delivering a “holistic assessment of the key factors” to setting up an EU consolidated tape (CT).
ESMA is mandated to consider the merits of the tape under the updated Markets in Financial Instruments Directive (MiFID II), which sets transparency and conduct measures for traders.
Stock exchanges have been bracing for battle over the study as a possible threat to their market-data franchises, which charge fees for access to real-time trading information.
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