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MarketAxess, Tradeweb and Bloomberg Project Joint EU Bond Price Feed

The euro symbol was photographed on April 9, 2019 in front of the European Central Bank’s former main quarter in Frankfurt, Germany. REUTERS / Kai Pfaffenbach

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LONDON, June 22 (Reuters) – MarketAccess, TradeWeb and Bloomberg said on Wednesday that the European Union is exploring the same price feed for corporate and government bonds, and Block is working to better integrate its capital markets.

The EU plans to amend its securities rules, requiring a single price feed or “consolidated tape” that will help investors and banks trade across different platforms, manipulate markets and improve data quality.

“The combined tape service is expected to provide – subject to relevant regulatory approvals – independently established and operated by our related businesses through a joint-venture company,” TradeWeb, MarketAx and Bloomberg said in a joint statement.

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All three are already managing their own approved publishing systems (APAs) reporting transactions.

The draft law is being negotiated by the EU states and the European Parliament, but it is not clear when the final green light will be issued as exchanges push back on how tape works for stocks. Read More

US markets already have stock and bond tapes, and Britain is also considering a fixed income market tape.

The EU provides tapes to a range of asset classes, with the procurement process, authority and oversight carried out by the European Securities and Markets Authority (ESMA) of the bloc.

“We believe that the draft proposed legislative reforms of the European Commission will open a window for developing robust consolidated tape that will enhance market transparency and facilitate a comprehensive, single European capital market,” the three companies said.

“As a next step, we are preparing a competitive request for information processing to verify the independent third-party technology and operating partner (s) for the Consolidated Tape Service.”

One of the key issues to address bond tape is how to better standardize postponements or to make the tape more timely.

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Reported by Hugh Jones Editing by Mark Potter

Our Standards: Thomson Reuters Trust Principles.

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