MarketAxess, Tradeweb and Bloomberg said o they were exploring a single price feed for corporate and government bond.
The EU plans to amend its securities to require a single price feed, or “consolidated tape”, of trading across different platforms. In the bloc for investors and banks, helping to knit markets and improve data quality. Established and operated independently from our respective businesses,” Tradeweb, MarketAxess and Bloomberg said in a joint statement.
All three already operate their own approved publication arrangements (APAs) for reporting trades.
There are already stock and bond tapes on U.S. markets, and Britain is also considering a fixed income market tape.
The EU envisages tapes for a range of asset classes, with the procurement process, authorisation and supervision.
As a next step, we are preparing a competitive request for information process to review independent third-party technology. And operating partner(s) for the consolidated tape service.”
A key issue to resolve for a bond tape is how to better standardise deferrals, or the amount of time data is published after the transaction in order to make a tape more timely.
-Reuters.
