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European Union Regulations

Discussions > European Union Regulations > FPL Submits a Proposal to CESR for an Industry Led Solution for the Establishment of an European Consolidated Tape

FPL Submits a Proposal to CESR for an Industry Led Solution for the Establishment of an European Consolidated Tape

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Program Office Forum Posts (Archive)
18 November 2010 3:43pm

FIX Protocol Limited (FPL) announces a proposal for an industry led solution for the establishment of a Consolidated Tape Delivery Authority (CTDA) to oversee the delivery and governance of the European Consolidated Tape. This response was submitted following publication of the ‘CESR Technical Advice to the European Commission in the Context of the MiFID Review – Equity Markets’.

FPL is the not-for-profit international standards body responsible for the development and promotion of the free and open FIX Protocol messaging standard. Use of FIX as the protocol that underpins the electronic transfer of trading information in the pre-trade to pre-settlement area across the investment community has soared over the past decade and it is now widely adopted across the global financial services industry. Adoption of the FIX Protocol enables market participants to benefit from significant cost savings and efficiency gains, in addition to enabling increased transparency to be achieved.

FPL is a member-driven organisation with more than 250 members including firms based in many European countries and companies that are active across all the main constituent parts of the investment industry. These firms work together in a collaborative manner to promote increased use of open, industry-driven standards to address business challenges. FPL submitted its proposal, in response to requests from member firms, following close collaboration with the recently established FPL European Regulatory Subcommittee.

Commenting on the submission of this proposal Stuart Adams, EMEA Regional Director, FPL stated: “To date the industry has already created a number of consolidated tapes, but the absence of any universal standard has stifled widespread acceptance or uptake. FPL proposes that the use of open standards for the content and delivery of a consolidated tape would prove hugely beneficial to market participants and regulators, this would effectively address the success criteria set out by CESR and enable data providers to compete with their added value services.” The adoption of FIX, and similarly that of other open and non-proprietary standards, has demonstrated that considerable operational and financial efficiencies can be gained by adopting a recognised standard to meet business requirements, as opposed to creating new ones, in addition to encouraging greater levels of innovation.

The proposal submitted by FPL identifies that both the standard setting and governance of the new authority are two key business processes that would be required for the establishment and effective delivery of a consolidated tape in the European markets. FPL proposes that the CTDA should be established by market participants as a not-for-profit entity and be able to demonstrate strong, representative governance and a detailed business and technical understanding of the issues relating to an European Consolidated Tape. Further, FPL proposes that the organisation’s governance board be democratically elected and made up of representatives from across the industry. The FPL organisation welcomes the opportunity to continuing to work closely with the industry to drive this forward.

For further information and to download the FPL Proposal for an industry led solution for the establishment of a Consolidated Tape Delivery Authority (CTDA) to deliver a European Consolidated Tape please visit:

About FIX Protocol Ltd
FIX Protocol Ltd is a non-profit organisation that owns the intellectual property rights of the Financial Information eXchange Protocol (FIX), which is available free of charge from the FPL website subject to FPL’s copyright and acceptable use policy. FIX is a globally-recognised messaging standard enabling the electronic communication of pre-trade, trade and post-trade messages between financial institutions, primarily investment managers, broker-dealers, exchanges and ECNs/MTFs. For more information, see

Daniella Baker, FPL Marketing and Communications Manager,, +44 (0)20 7936 9334