The European Fund and Asset Management Association published a paper calling the EU consolidated tape an urgent reform and urging policymakers to deepen the pre-trade consolidated tape for equities and exchange-traded funds now rather than in 2031. EFAMA welcomed the European Commission’s proposed improvements in its Market Integration and Supervision Package and argued that stronger pre-trade data is critical to the tape’s take-up and success. EFAMA highlighted two key enhancements proposed for the pre-trade Equity and ETF tape: inclusion of venue attribution and provision of five layers of data. It set out use cases focused on giving retail investors a full market view to better assess execution quality, increasing global investor interest in EU ETFs by publishing comprehensive cross-venue data, and improving visibility for small and mid-cap stocks that are currently under-represented in ETF baskets. The paper argued that broader adoption would benefit asset managers, broker-dealers, liquidity providers and exchanges, and that any revenue dislocation for data providers would be outweighed by higher trading volumes and investment flows in EU equities and ETFs.
European Fund and Asset Management Association 2026-03-02
European Fund and Asset Management Association urges immediate rollout of enhanced EU pre-trade consolidated tape data for equities and ETFs
The European Fund and Asset Management Association (EFAMA) urges urgent reform of the EU consolidated tape, advocating enhancements to the pre-trade tape for equities and ETFs. EFAMA supports the European Commission’s proposed improvements, emphasizing stronger pre-trade data's importance. The paper outlines benefits for stakeholders, suggesting increased trading volumes and investment flows will offset revenue impacts on data providers.