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The proposal includes a new RTS that converts current guidelines on the cost of market data into legal obligations.
The FCA proposal is limited in scope, focusing on a possible regulatory framework for a UK Consolidated Tape (CT) for bonds only.
Among the many topics covered were Reg BI, technology, bonds and equity market structure, including best execution, as well as digital assets and off-channel communications.
UK consolidated tape back on the regulatory agenda with a study on the wholesale data market also launched.
Mechanisms that give investors access to data that helps them make informed decisions are attracting regulators’ attention around the world. We assess the different rules in the US, UK, and EU.
Attempts to reform market microstructure include changes to the consolidated tape in the US and moves to enable the emergence of a consolidated tape in the EU and UK.