2.III.1 Coverage

Coverage refers to three aspects of pre-trade data, namely whether or not it is: (1) market specific, (2) consolidated across multiple venues, and/or (3) consolidated for one venue. Market specific pre-trade data constitutes, for example, all shares of a certain index (e.g. the so-called FTSE 100).1 Consolidated pre-trade data across multiple venues covers pre-trade information from multiple venues in an aggregated way, such as from the London Stock Exchange and Euronext Amsterdam. An example of consolidated pre-trade data for one venue, which is also referred to as product-coverage, constitutes all shares traded on one given venue (e.g. all shares on the Borsa Italiana).2