The European Fund and Asset Management Association (EFAMA), the European Principals Traders Association (EPTA) and consulting firm Protiviti have co-signed a letter directed to the European Securities and Markets Authority (ESMA) and the European Commission, identifying gaps in the current EU shares and ETFs consolidated tape framework.
Within the letter, the associations have submitted new recommendations to enhance the current policy and implementation framework of the tape, following dialogue with the associations’ members.
The proposals also align with current ongoing Savings and Investments Union (SIU) consultations, and aim to “accomplish the twin goals of having a fit-for-purpose tape and advancing EU capital markets integration,” said the firms.
Read more – Consolidated tape: Avoiding a ‘garbage in and garbage out exercise’
Specifically, the five new recommendations proposed include: expanding the depth of pre-trade quotes, including venue identifiers on pre-trade data, incorporating exchange-traded commodities (ETCs) and exchange-traded notes (ETNs) instrument data on the tape, encouraging smaller venues to contribute data and implementing appropriate governance framework.
Speaking to The TRADE, Susan Yavari, deputy director for capital markets and digital at EFAMA, said: “As future users of a consolidated tape, we would like the upcoming SIU package to introduce critical changes to the design of the tape in order to maximise the take-up and usability of the new tool. Our proposed changes are not only relevant for European market participants, but also for global investors channelling flows into Europe. We strongly urge the European Commission to take timely action on this.”
The recommendations are also additive to previous suggestions made by EFAMA and Adamantia. In addition, the letter follows proposals suggested by a group of ten signatories in February, made up of the buy-side, sell-side, and industry associations, including BlackRock, Barclays and Societe Generale, which endorsed low pricing, speed efficiency and voluntary consumption of the tape, among other points.
Currently, EuroCTP is the sole confirmed bidder for the EU’s shares and ETFs, led by chief executive Eglantine Desautel, after big xyt dropped out in June 2025, citing a lack of necessary financial backing.
ESMA is expected to make a decision on the consolidated tape provider by the end of 2025.