The European Commission adopted technical standards under the Markets in Financial Instruments Regulation (MiFIR) to enable the creation of consolidated tapes, which will aggregate prices and volumes for instruments including shares, bonds and derivatives from execution venues across EU Member States into centralised data feeds. The standards set requirements intended to ensure consolidated tapes receive high-quality data in a timely manner. They also specify criteria for authorising consolidated tape providers, define how the equity tape provider should share revenues from selling consolidated data with contributing trading venues, and set conditions for making market data publicly available on accessible, fair and non-discriminatory terms while ensuring fees are fair and reasonable. The package comprises an implementing act and three delegated acts, with the delegated acts to be transmitted to the European Parliament and the Council for scrutiny. The Commission also plans to adopt a further delegated act on transparency rules in the next few days to support full implementation of the consolidated tapes.
European Commission 2025-06-12
European Commission adopts MiFIR technical standards to enable EU consolidated tapes and set tape provider authorisation and revenue sharing rules
The European Commission adopted technical standards under the Markets in Financial Instruments Regulation (MiFIR) to facilitate consolidated tapes for shares, bonds, and derivatives across EU Member States. These standards ensure high-quality data delivery, set criteria for authorising tape providers, and outline revenue-sharing and data accessibility conditions. The package includes an implementing act and three delegated acts, with further transparency rules forthcoming.