Bloomberg, MarketAxess and Tradeweb Explore EU Consolidated Tape for Fixed Income
LONDON – June 22, 2022 – Bloomberg, MarketAxess and Tradeweb Markets today jointly issued the following statement:
“We are pleased to announce an initiative to jointly explore the delivery of a consolidated tape for fixed income instruments in the European Union, with the intention to apply to become the consolidated tape provider (CTP) through the public procurement procedure, which the European Securities and Markets Authority, ESMA, will organise.
European financial markets would benefit greatly from a well-functioning fixed income consolidated tape, and industry collaboration will be essential to delivering a solution that utilises existing infrastructure to provide end users with access to reliable, high-quality MiFID II data.
We believe that the European Commission's draft proposed legislative revisions would open a window to developing a robust consolidated tape that will increase market transparency and help facilitate an integrated, single European capital market.
With our collective expertise in fixed income markets and in operating regulatory reporting entities - notably Approved Publication Arrangements (APAs) for MiFIR reporting - we are in a unique position to deliver a reliable, efficient and cost-effective consolidated tape service that meets the needs of market participants and the objectives of the regulators.
The consolidated tape service is expected to be provided - subject to the relevant regulatory approvals - via a joint-venture company established and operated independently from our respective businesses. If successful in winning the mandate, the company would be authorised and supervised by ESMA to provide transparency in fixed income markets pursuant to MiFID II.
As a next step, we are preparing a competitive request for information process to review independent third-party technology and operating partner(s) for the consolidated tape service.”
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Nearly 1,900 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1 trillion in notional value traded per day over the past four quarters. For more information, please go to www.tradeweb.com.
Anna Schoeffler, Bloomberg
+33 6 75 54 70 92
Charlie Morrow, Cognito for MarketAxess
+44 (0)7968 551 027
Marisha Mistry, MarketAxess
+1 917 267 1232