EFAMA has called on policymakers to implement data-related changes to the EU pre-trade shares and ETFs consolidated tape, recently proposed in the European Commission’s Market Integration and Supervision Package (MISP).
EFAMA’s members span service providers and corporate bodies from firms including BlackRock, Invesco, DWS and Fidelity International, as well as European national associations, with the aim of advocating for policy improvements for the investment management industry.
Specifically, the package outlined that the tape’s pre-trade data should include venue attribution, as well as five layers of data, to ensure efficient adoption and overall success of the tape.
With these proposals in mind, EFAMA has said in a recent paper that it ‘supports and applauds’ the European Commission’s recommended improvements, and has outlined that retail investor behaviour, global demand for EU ETFs and small and mid-cap stocks, in particular, will benefit from the implementation of these changes.
In addition, the regulatory body has also underlined the importance of ensuring these changes are made now, and not until the next tender of the tape is announced in 2031, to “enhance the attractiveness of EU capital markets and improve the viability of the tape.”
Commenting on this, Susan Yavari, deputy director at EFAMA, said: “In the current legislative package, the European Commission has zeroed in on critical improvements to the consolidated tape just ahead of its launch.
“With so much riding on the successful delivery of a consolidated tape for Europe, we call on policymakers to endorse these changes with immediate effect.’’
Unpacking the specific use cases that would benefit from these changes, EFAMA highlighted that better informed retail investors would help to improve cross-border flows by demanding access to any trading venue in the EU, and challenging prices.
In addition, publishing full market data for the ETF market in Europe is expected to enhance global investor interest, as well as enhance the representation of European small and mid-cap stocks in ETF baskets.
Read more – Trade associations call on ESMA and the European Commission to strengthen consolidated tape framework
In December 2025, EuroCTP was selected by the European Securities and Markets Authority (ESMA) to be the EU’s first consolidated tape provider (CTP) for shares and exchange-traded funds (ETFs).
Currently, the tape is set to go live in July 2026, with recent moves such as the announcement of the tape’s proposed access framework and fee structure expected to support the development and delivery of the tape.