Cboe, AFME, EFAMA and BVI have drafted their position on how they think a consolidated tape should be implemented in Europe; the German finance ministry is reportedly leading the opposition.
Asset manager members have written to politicians criticising current plans for the winning equities tape bidder to be the one that offers the highest returns to regulated markets.
The latest data from the European Fund and Asset Management Association (EFAMA) shows the highest growth on record for equity fund sales, despite concerns over interest rate rises.
Among the concerns raised are renumeration plans for compensating data contributors to a tape and the ongoing issue of market data costs.
Lobbyists highlight concerns around the market impact of simultaneous close-out of positions at UK CCPs, market fragmentation and lack of liquidity at EU CCPs, and increased costs.
APG Investment Management’s chief investment officer and Natixis Investment Managers chief operating officer have been appointed as vice presidents to Abou-Jaoudé.
EFAMA and EFSA have said a consolidated tape would not help with issues relating to market data costs as they back recent study from Market Structure Partners.
The European Fund and Asset Management Association said a lack of enforcement on costs of market data has been detrimental to consolidated tape efforts.
Reporting of derivatives transactions under EMIR has proved problematic for firms and regulators, as trade groups call for a standardised approach.