European bourses want to offer pan-EU share price feed to investors (updated)

Tradeweb Markets

12/09/2023 11:53

(Adds Cboe comment in paragraphs 8-9)
    By Huw Jones
       LONDON, Sept 12 (Reuters) - European stock exchanges
including Euronext  ENX.PA  and Deutsche Boerse  DB1Gn.DE  have
joined forces as they seek to offer an aggregated feed of share
prices for investors to spot the best deals across a fragmented
trading landscape.
    The exchanges said on Tuesday they have created a company
that will bid in a tender to operate a record of share
transactions, part of European Union moves to deepen capital
markets. 
    Long a feature of Wall Street, the bloc has sought a
"consolidated tape" or aggregated feed of share prices.
Exchanges have been leery about giving away data too cheaply,
but the EU has approved a law to mandate a tape, meaning
exchanges will have to contribute share data for a fee.
    The bloc's securities watchdog ESMA will run a public tender
for a tape in equities prices, and the group of 14 exchanges,
which also includes Nasdaq, SIX and Warsaw Stock Exchange, said
their new company EuroCTP will bid.
    EuroCTP will have its own board of directors. Jorge
Yzaguirre Scharfhausen, an official at BME Exchange in Spain,
will also chair EuroCTP's supervisory board, with a CEO due to
be announced soon.
        "The shareholders of the new company have a clear
commitment to implement this significant European capital
markets project and are dedicated to the long-term success and
prosperity of retail investors and market participants," the
exchanges said in a statement.
    "The shareholders have been working on the initial
initiative for more than a year and have already made
significant investments, and they are committed to full
financing for the development and implementation of the
consolidated tape."
    Cboe Europe  CBOE.Z , not part of EuroCTP, said its focus is
on ensuring that the EU rules will mandate a tape that fully
meets the needs of consumers and fairly rewards all data
contributors without distorting how revenues are allocated.
    "We continue to see members of the exchange consortium
pushing in the opposite direction," said Natan Tiefenbrun,
president of Cboe Europe.
        Separately, MarketAxess, Tradeweb and Bloomberg have set
up an independent company that wants to provide a tape for
corporate and government bond prices in the EU.
    Following Brexit, Britain is also looking to set up its own
consolidated tapes.
    

 (Reporting by Huw Jones; Editing by Susan Fenton)
 ((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters
Messaging: huw.jones.thomsonreuters.com@reuters.net))