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.
2026-03-02European Fund and Asset Management Association
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.