The Investment Association (IA), Association for Financial Markets in Europe (AFME), Alternative Investment Management Association (AIMA), and UK Finance have released a joint statement regarding the establishment of a UK consolidated tape for equities and exchange traded funds (ETFs). The organisations express support for a UK consolidated tape, calling it a “major step in enhancing the competitiveness, transparency, and resilience of UK capital markets”.
The organisations believe that the sell-side and buy-side are “aligned in their views regarding the scope and features of the tape for equities and ETFs”. They highlight the importance of including not just post-trade, but also pre-trade data in the tape from launch. According to the statement, this would be “crucial” to the tape’s commercial viability and long-term success, as it would attract a wider user base and encourage retail participation.
The UK’s Financial Conduct Authority (FCA) is due to give an update on the development of the consolidated tape by the end of this year. The organisations are calling for an “acceleration in the timeline” and express anticipation for working with the FCA in developing a tape that “is comprehensive, meaningful, and delivers optimal outcomes”.
