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Consolidated Tape: are the conditions in place for a successful outcome?

Day 2 Morning

Thursday 14 September

Room :



Hanzo van Beusekom
Member of the Executive Board - Dutch Authority for the Financial Markets (AFM)
Public Authorities
Ugo Bassi
Director, Financial Markets - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Armel Castets
Head of the Financial Markets Unit - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Natasha Cazenave
Executive Director - European Securities and Markets Authority (ESMA)
Montserrat Martinez Parera
Vice Chair - Spanish Securities and Exchange Commission (CNMV)
Industry Representatives
Nicholas Bean
Chief Executive Officer - Bloomberg Trading Facility BV
Niels Brab
Head of Group Regulatory Strategy & Chief Regulatory Officer - Deutsche Börse Group
Virginie Saade
Head of Government & Regulatory Policy, EMEA - Citadel


This session will take stock of the elements of the Consolidated Tape (CT) proposal on which there is an agreement and identify the main issues that remain to be further clarified in the context of the on-going trilogue negotiations and how they may be addressed.

The panel will also discuss the conditions for a successful implementation of the CT and its expected impacts in terms of e.g. transparency, liquidity, best execution. Given the sequence defined for the implementation of the CTP requirements, most of the discussion will focus on the Equity, ETF and Bond CTs. Some specific points concerning the Derivative CT may also be touched on.

Points of discussion

  1. Equity CT: Is the trilogue agreement reached in June on the data to be included in the Equity CT satisfactory? What further issues need addressing regarding the Equity CT? What are the main implementation challenges and can a viable Equity CTP be expected to emerge? What are the expected impacts of the Equity CT? Have the specificities of ETFs been adequately considered?
  2. Non-Equity CTs: What are the main points of consensus on the Bond CT and the questions remaining to be further clarified? Have the specificities of bond markets been adequately taken into account in the current proposals? What are the key issues to consider for preparing the implementation of the Bond CT and what are its expected impacts? Are there other issues to consider concerning the Derivative CT?