The MiFIR Review and a European Consolidated Tape: the next step towards a Capital Markets Union

Abstract

One of the main elements of the MiFIR Review is the revision of the framework for a Consolidated Tape in Europe. The objective is to establish a tape for each of the three main asset classes: bonds, equity, and derivatives. The objective is to provide a single reference source of information for transactions. It would thus reduce fragmentation and information asymmetries within the Capital Markets Union. This paper examines the main elements of the proposals, tailored to each asset class, as well as different use cases. Overall, the proposals appear to be a significant improvement on the current unsuccessful framework.