TransFICC pilots EU fixed income consolidated tape model
Steve Toland, co-founder of TransFICC, tells The TRADE that as the model is based on its existing normalised post-trade data feed, it should minimise costs and time to market.
Steve Toland, co-founder of TransFICC, tells The TRADE that as the model is based on its existing normalised post-trade data feed, it should minimise costs and time to market.
Settlement failure rates in European equities have remained alarmingly high since March 2020 with market participants set to face a financial hit if the trend continues.
The partnership aims to provide clients with access to improved market datasets in order to achieve better informed pre- and post-trade decisions.
US equity trading hubs in Mahwah and Carteret, New Jersey will be able to access the data via Quincy Data’s raw data service.
The service is aiming to increase market transparency and provide new insights as the industry continues to navigate volatility.
The exchange is proposing a blanket fee of $0.01 for professional and non-professional users, subject to approval from the Securities and Exchange Commission (SEC).
The Global Exchanges Directory will centralise key information on major exchanges into a single portal for easy reference.
The solution will allow firms to centralise, standardise, analyse and share data in a wide range of formats.
Swaps and derivatives association welcomed the CFTC’s earlier offered relief but said changes including the implementation of ISO 20022 could result in further overhauls.
Fixed income data costs are increasing faster than equities, finds the AFME report, and regulatory intervention such as a consolidated tape will do little to solve the problem on its own.