Bloomberg, MarketAxess and Tradeweb Markets today jointly released the following statement:
“We are pleased to announce an initiative to jointly explore the delivery of a consolidated band for fixed income instruments in the European Union, with the intention of applying to become the Consolidated Band Provider (CTP) by the through the public procurement procedure, which the European Securities and Markets, ESMA, will organise.
European financial markets would greatly benefit from a well-functioning consolidated bond band, and industry collaboration will be essential to deliver a solution that uses existing infrastructure to provide end users with access to reliable and reliable MiFID II data. high quality.
We believe that the draft legislative revisions proposed by the European Commission would open a window to develop a robust consolidated band that will increase market transparency and help facilitate a single, integrated European capital market.
With our collective expertise in bond markets and operational regulatory reporting entities – including Approved Publication Arrangements (APAs) for MiFIR reporting – we are uniquely positioned to provide a reliable, efficient and cost-effective consolidated band service that meets the needs of market players and the objectives of regulators.
Consolidated band service is expected to be provided – subject to applicable regulatory approvals – through a joint venture established and operated independently of our respective businesses. If successful in winning the mandate, the company would be authorized and supervised by ESMA to ensure transparency in fixed income markets in accordance with MiFID II.
As a next step, we are preparing a competitive Information Process Request to review independent third-party technology and operating partner(s) for the Consolidated Band Service.
Bloomberg is a global leader in business and financial information, providing reliable data, news and information that brings transparency, efficiency and fairness to markets. The company helps connect influential communities across the global financial ecosystem through trusted technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.
About Market Axess
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that provides greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers in the global securities markets at fixed income. Nearly 1,900 companies leverage MarketAxess’ patented technology to efficiently trade fixed income securities. MarketAxess’ award-winning Open Trading® marketplace is widely considered the preferred global trading solution in global credit markets. Founded in 2000, MarketAxess connects a strong network of market participants throughout the trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is one of the world’s leading operators of electronic markets for rates, credit, stocks and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, e-commerce, straight through processing and reporting for over 40 commodities to clients in institutional, wholesale and retail markets. The advanced technologies developed by Tradeweb improve price discovery, order execution and trading workflows while enabling greater scale and helping to reduce risk in clients’ trading operations. Tradeweb serves approximately 2,500 customers in over 65 countries. On average, Tradeweb has facilitated over $1 trillion in notional value traded per day over the past four quarters. For more information, visit www.tradeweb.com.
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