Race for Europe's first 'real-time' stock trade tape heats up

LONDON - Banks and asset managers are vying with Europe ’s exchanges to develop technology that can deepen the pool of investors in the continent’s capital markets and better compete with Wall Street.

The two contenders that have emerged so far to run an EU stocks tape highlight the tensions between exchanges and banks and asset managers over the price of market data. Adamantia said it was securing an investment plan and selecting a technology company for a tape, backed by 10 buy- and sell-side institutions."Once we finalise this step, the objective is to form a joint-candidature ... and prepare for the upcoming ESMA tender," said Adamantia partner Antoine Pertriaux.

"By building a more complete picture of the market, a tape will reinforce the UK’s position as a leading centre for the listing and trading of bonds," said Sarah Pritchard, FCA executive director for markets. Tiefenbrun said Cboe was potentially interested in being part of a stocks tape in the EU and one in Britain, adding there is "nervousness" over EuroCTP.

Source: Financial Digest (financialdigest.net)

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