Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/10.III
10.III Types of consolidation
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266968:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
Reference is made to Commission, Glossary of useful terms linked to financial markets, under ‘consolidated tape’, May 2015, p. 4-5.
ESME, Fact finding regarding the availability of post-trade data in equities in the EU, 19 March 2009, p. 4. For example, co-location is essential for the business model of high frequency traders (see D. Busch, ‘MiFID II: regulating high frequency trading, other forms of algorithmic trading and direct electronic market access’, Law and Financial Markets Review, 2016, p. 78).
Given that certain preconditions are met, such as high-quality data, data standardisation, and timely data, published equity pre- and post-trade data enables investors to compare current trading opportunities and completed trades available in the market. The comparison becomes even easier where the published equity pre- and post-trade data is (also) consolidated. Consolidation refers to the practice of (1) collecting published equity pre- and/or post-trade data and (2) publishing the collected data in one place.1 The consolidated data can be disseminated to data-users through various technical solutions (see section 2 above).2
10.III.1 Consolidated tape10.III.2 Consolidated quote