Part of objective 3 of the capital markets union (CMU) action plan, action 14 aims to put in place a consolidated tape.
A true single market cannot exist without a more integrated view of EU trading. A consolidated tape will provide consolidated data on prices and volume of traded securities in the EU, thereby improving overall price transparency across trading venues. It will also improve competition between trading venues. Together with the European Single Access Point for company information (ESAP), it will give investors access to considerably improved information at a pan-European level..
In the 2020 CMU action plan, the Commission committed to make a legislative proposal to support the introduction of a post-trade consolidated tape.
The Commission started by mandating ESMA to deliver in its first review report of MiFID II/MiFIR an assessment of why no consolidated tape had yet emerged. It then commissioned a study on the creation of an EU consolidated tape, which was published in October 2020. In the spring of 2021, the Commission published an inception impact assessment, launched a public consultation and held a workshop to gather stakeholders’ input on the creation of a consolidated tape. The legislative proposal amending MiFIR that includes the creation of a consolidated tape was adopted on 25 November 2021.
- ESMA review report of MiFID II/MiFIR (December 2019)
- Study on the creation of an EU consolidated tape (October 2020)
- Inception impact assessment on the review of the MiFID II/MiFIR regulatory framework (February 2021)
- Public consultation on the review of the MiFID II/MiFIR regulatory framework (closed in May 2021)
- Legislative proposals amending MiFIR, including the creation of a post-trade consolidated tape (adopted 25 November 2021)