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A survey of data prices in Europe found that the 2018 implementation of MiFID II had not meant data was being supplied to the market on a “reasonable commercial basis”, as the legislation had stipulated. ESMA in a statement said it advocated more supervisory guidance and small legislative measures to bring the market into line. The tweaks included greater transparency and standardisation on fees to receive core information — such as the prices offered and paid for a particular stock, and the sizes and volumes of trades — and greater powers for national regulators to take action. ESMA also said the region’s equity markets should have a single record of crucial trading data, known as a “consolidated tape”, and warned of potential regulation of prices if the new standards were not met. Steven Maijoor, chairman of ESMA, said: “Transparency is important to ensure that markets are fair, sound and efficient. However, after nearly two years of operating under Mifid II, we are still lacking a reliable view of liquidity across the EU.”
Full article on Financial Times (subscription required)
MiFID II/MiFIR Review Report No. 1
ESMA recommends real-time consolidated tape for equity