Impacts of the pan-European consolidated tape for the financial industry

On 18 June 2024, Associazione Intermediari Mercati Finanziari (AMF Italia) organized the event 'The launch of the pan-European consolidated tape: what challenges for the financial industry. The conference, hosted by Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, was held in the halls of Torre Gioia in via Melchiorre Gioia 22.

This is a very topical issue following the approval on 28 February of the final text of the rules on consolidated tape, an integral part of the revised MIFIR Regulation, European Securities and Markets Authority (ESMA) launched a consultation on consolidated tape providers (CTPs).

The event was met with great interest and participation from the Italian financial industry attending, thanks to outstanding speakers and panelists.

The discussion was introduced by Massimo Mocio, Deputy Chief of IMI Corporate & Investment Banking Division in Intesa Sanpaolo and Marco Ventoruzzo President of AMF. Carlo Comporti, Consob Commissioner, gave an overview of the main changes approved within the Revised MiFIR Regulation and Eglantine Desautel, CEO of EuroCTP presented the main challenges that the Provider of the future consolidated tape has to face, in view of the selection process that ESMA will launch in the coming weeks.

The event closed with a panel about the main impacts of the consolidated tape on the European industry and the key factors - including business model, cost of market data, data quality and governance - that will determine the success of an initiative that the European industry has been awaiting for several years now and that is also part of the Capital Market Union agenda, due to the role it can play in increasing the competitiveness, transparency and efficiency of European financial markets.