Money managers operating in Europe endorsed the latest proposal by the European Parliament for an electronic pan-European system for real-time trading data known as consolidated tape, according to the European Fund and Asset Management Association.
On Friday in a joint letter to policymakers published on EFAMA's website, managers, including Union Investment, Generali, Invesco, Legal and General Investment Management, Schroders and Baillie Gifford, said they support one tape that includes equities and exchange-traded funds.
"We believe that the equities/ETFs consolidated tape should include ETF and equities on a single tape, it should deliver data in as close to real-time as technically possible; it should provide both pre and post-trade transparency in the form of 5 layers of pre-trade data; it should be priced on a reasonable commercial basis and be consumed on a voluntary basis; and it should benefit from a robust governance framework," the letter said.
The proposals are intended to provide European Union investors with improved access to trading data as well as long-term investments, while money managers will find it easier to sell alternative investment funds on a cross-border basis.
The managers also called on the parliament to create a robust governance framework to ensure that decisions governing policies and fees, data content, and speed and connectivity are made by a broad group of market participants.
EFAMA represents managers that have over €30 trillion ($32.51 trillion) in assets under management.
