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Bloomberg, MarketAxess and Tradeweb Join Forces to Provide Trade Data

Date:

Bloomberg,
MarketAxess and Tradeweb have entered into an agreement to establish a joint
venture company to operate a fixed income consolidated tape provider (CTP) in
the European Union region. A CTP is a company that collects and publishes
consolidated trade data for financial instruments.

Tradeweb
announced the deal on Tuesday, noting that the companies have tapped industry
veteran Neil Ryan to lead the initiative. The Nasdaq-listed electronic markets
operator further noted that the move reflects the three firm’s desire to
enhance transparency and promote electronification in the fixed income
industry.

“The time
has come to provide the European fixed income markets with a consolidated tape
that is led by an initiative with deep experience in low-latency data
processing, cleansing, consolidation and publishing within a regulated
framework,” Ryan said in the statement. “Our end goal is a cost-effective CT
that treats both data contributors and consumers fairly, while enabling open
and impartial access to meaningful and helpful data using existing
infrastructure.”

Meanwhile, Tradeweb
in the statement noted that the three firms have also onboarded FINBOURNE
Technology, a cloud-native financial data management firm, to help its build
and operate the CTP on behalf of the new joint venture firm.

“FINBOURNE’s
appointment was the culmination of a detailed and rigorous evaluation process,
which considered critical compliance , operational, technical and security
aspects of a fit-for-purpose CT,” Tradeweb said.

CTPs in
Europe

In Europe,
the European Union demands that CTPs provide data for all trades that take
place in the jurisdiction regardless of where they originate from. The data are
usually sent to market participants through various methods including through
free websites or subscription-based services.

CTPs are
overseen by the European Securities and Markets Authority. They help to foster
transparency and liquidity provision in European financial markets.

Additionally,
CTPs help in creating an equitable financial market by providing access to the
same information to all market participants regardless of their locations. They also
contribute to ensuring an efficient pricing of financial instruments.

Hidden Road taps Crossover Markets; Equiti in Uganda; read today’s nuggets.

Bloomberg,
MarketAxess and Tradeweb have entered into an agreement to establish a joint
venture company to operate a fixed income consolidated tape provider (CTP) in
the European Union region. A CTP is a company that collects and publishes
consolidated trade data for financial instruments.

Tradeweb
announced the deal on Tuesday, noting that the companies have tapped industry
veteran Neil Ryan to lead the initiative. The Nasdaq-listed electronic markets
operator further noted that the move reflects the three firm’s desire to
enhance transparency and promote electronification in the fixed income
industry.

“The time
has come to provide the European fixed income markets with a consolidated tape
that is led by an initiative with deep experience in low-latency data
processing, cleansing, consolidation and publishing within a regulated
framework,” Ryan said in the statement. “Our end goal is a cost-effective CT
that treats both data contributors and consumers fairly, while enabling open
and impartial access to meaningful and helpful data using existing
infrastructure.”

Meanwhile, Tradeweb
in the statement noted that the three firms have also onboarded FINBOURNE
Technology, a cloud-native financial data management firm, to help its build
and operate the CTP on behalf of the new joint venture firm.

“FINBOURNE’s
appointment was the culmination of a detailed and rigorous evaluation process,
which considered critical compliance , operational, technical and security
aspects of a fit-for-purpose CT,” Tradeweb said.

CTPs in
Europe

In Europe,
the European Union demands that CTPs provide data for all trades that take
place in the jurisdiction regardless of where they originate from. The data are
usually sent to market participants through various methods including through
free websites or subscription-based services.

CTPs are
overseen by the European Securities and Markets Authority. They help to foster
transparency and liquidity provision in European financial markets.

Additionally,
CTPs help in creating an equitable financial market by providing access to the
same information to all market participants regardless of their locations. They also
contribute to ensuring an efficient pricing of financial instruments.

Hidden Road taps Crossover Markets; Equiti in Uganda; read today’s nuggets.

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