The Adamantia Consolidated Tape group has welcomed Allianz Global Investors, Amundi Asset Management, AXA Investment Managers, BayernInvest, Deka Investment, DWS, Invesco, MEAG, Union Investment, Universal Investment, Vanguard and Warburg Invest AG who joined the initiative for the establishment of a user-governed real-time pre- and post-trade consolidated tape on equities and exchange traded funds (ETFs) in the European Union.
This follows the recent announcement of the group to open the initiative to market players who are willing to participate in the development of a “trusty and viable” CT for the EU Capital Markets industry.
Yannig Loyer, global head of trading, securities financing and derivatives at AXA Investment Managers, wrote in a statement, “We are pleased to join the Adamantia initiative for enhancing transparency in Equities in Europe. We will be working with a group of other participants with the aim [being] to establish a reliable and usable CT.”
The group of firms has representation from buy-side and sell-side market participants, with an expanded group of 17 firms which is pursuing its work to secure an equity and exchange traded fund (ETF) CTP model that it intends to meet users’ expectations and ultimately contribute to the development of European capital markets.
The initiative remains contingent on the positive outcome of the ongoing trilogue discussions at an EU level, and in particular on the inclusion of pre-trade data in the CT from the outset. The participating institutions are lobbying for EU policymakers to reach a compromise on the MiFID review that will allow for what It sees as a “a truly beneficial and viable equity CT for the industry.”
The group released a study earlier in 2023 which set out the potential costs for a fixed income tape, although some of its findings were challenged.
©Markets Media Europe 2023
