Building on the trade reporting standards initiated by an industry working group under the auspices of the Committee of European Securities Regulators (now European Securities and Markets Authority) for Over-The-Counter reporting, European exchanges and data vendors have announce the implementation of trade reporting standards for orderbook trading on Regulated Markets and Multilateral Trading Facilities.
These trade reporting standards are complementary to the efforts being undertaken by the data vendors to ensure consistent output across multiple data consolidators.
Furthermore they are supportive of the wide range of collaborative initiatives, including those being led by the Association for Financial Markets in Europe.
The key benefits of the initiative are:
- The standards will enable trade data resulting from executions on Regulated Markets and MTFs to be easily consolidated with OTC trade reports.
- The execution venues committed to these standards have a combined market share of over 90% of all European equity orderbook trading.
- It completes a pan-European view of the fragmented trading landscape enabling market users to accurately interpret post trade data for the first time since MiFID’s introduction.
