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.
EuroCTP, backed by 14 exchanges including Deutsche Boerse and Euronext, is moving early by investing millions of euros to start building a stocks tape now, before any regulatory nod. ESMA is expected to invite bidders for a bond tape by early next year, and for a stocks tape after that. European funds industry body EFAMA says a tape should serve market participants and in"no way be used to render European exchanges' own proprietary feeds more attractive".
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