The European Fund and Asset Management Association (EFAMA), together with the European Principal Traders Association (EPTA) and Protiviti, has sent a letter to the European Securities and Markets Authority (ESMA) and the European Commission identifying gaps in the current framework for an EU consolidated tape for equities and ETFs and setting out recommendations to support effective implementation. The recommendations include expanding pre-trade quote depth to five price and volume layers, adding venue identification to pre-trade data, extending the tape’s scope to include exchange-traded commodities (ETCs) and exchange-traded notes (ETNs), and encouraging smaller venues that can opt out to contribute data. They also call for a robust governance framework with data user representation in key decision-making areas such as pricing, data content, latency and access, alongside EFAMA’s earlier positions on pricing, Reasonable Commercial Basis and venue attribution. The letter argues these issues could be addressed in the upcoming Savings and Investment Union legislative package.
European Fund and Asset Management Association 2025-10-21
European Fund and Asset Management Association calls on ESMA and European Commission to close gaps in the EU equities and ETF consolidated tape framework
The European Fund and Asset Management Association, European Principal Traders Association, and Protiviti urge the European Securities and Markets Authority and European Commission to address gaps in the EU consolidated tape framework for equities and ETFs. Recommendations include expanding pre-trade quote depth, adding venue identification, extending scope to exchange-traded commodities and notes, and enhancing governance with data user representation. These issues should be included in the forthcoming Savings and Investment Union legislative package.