First Word: An Opaque View of the Old Continent
At 23 Oct 2007 11:30:01 in MDI-First Word, Market Data Insight
Sitting on a panel discussing MiFID in a northern suburb of Copenhagen the other week, we asked the audience why they thought the MiFID framers – as we like to call them – didn’t prescribe the creation of a single consolidated repository-type feed of real-time trade and quote data akin to the one that works so well in the U.S., the Consolidated Tape/Quotation Systems. (Remember Tom Haley’s double-peaked baseball cap anyone?) After all, we reasoned, the U.S. long ago decided that there was no benefit in allowing commercial gain from the supply of consolidated information, a view of which is essentially to the workings of orderly markets, et cetera, et cetera, et cetera.
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