European consolidated tape criticized for lacking depth, say industry groups

industry groups: In this context, industry groups refers to associations representing European banks, asset managers, investors and trading firms that lobby on market structure and market data policy in the EU. These groups issued a joint statement criticizing the new European consolidated tape for equities as insufficient, arguing it needs deeper data, including information on the venues where stock quotes originate. Regulation: The new European consolidated tape for stocks is part of the EU’s effort to address fragmented market data under its capital markets and MiFID framework, by providing a single feed of trading information across multiple venues. IndustryDebate: European exchanges and trading firms have been divided for months over how comprehensive and timely the tape’s data should be, with exchanges wary of undermining their lucrative proprietary data businesses while banks and asset managers push for broader, deeper and closer to real‑time coverage. MarketStructure: Criticism from banking and asset management associations focuses on the tape’s limited pre‑trade transparency and lack of venue identifiers, which they argue reduces its usefulness for real‑time trading decisions.