A consolidated tape, bringing together all available data on securities, will make markets more competitive and transparent. The FCA should bring it forward now, says Giovanni Cespa

Transparency in market data is universally seen “as a good thing”. However, moves to develop and implement a tool that will address a glaring lacuna in market data transparency have been painfully slow in both the UK and the EU.

The Financial Conduct Authority pledged last year to publish tender documentation for development of a ‘consolidated tape’ by the end of January, but has since pushed back the deadline.

A consolidated tape is a centralised feed of data that aggregates information on the available prices and volumes for the securities that trade in different venues. It can provide information on trades before they occur and/or on completed deals (pre- or post-trade tape).

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