Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape
is less than $1.00 over a consecutive 30 trading-day period.
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has launched a public consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape
(CT) for equity instruments.
BATS said that the BATS 1000 Index data is available via the Consolidated Tape
System, the operating authority for exchange-listed securities information, enabling distribution of the data to the public via the Internet and other electronic media.
Allowing for the fragmented environment across both markets, Reg NMS seems to apply greater control over market data consolidation (central consolidated tape
) and best execution (automatic routing).
The new systems are designed for edge sites that store backup or archive data locally for rapid restores and replicate it via WAN to a hub for longer term storage or consolidated tape
On November 8, a regular-way NYSE trade for 66,000 shares of Boeing at $44.25 appeared on the consolidated tape
at 1:15 PM.
The revised MiFID rules which promise to deliver a consolidated tape
of price data, and to clear up who is trading with whom, are not expected before 2014.
The ultimate aim for regulators is to introduce a consolidated tape
of post- trade data, similar to what has been proposed for equities.
Ultimately, the lack of consolidated tape
continues to be a big issue.
To tackle the fragmented market, the EC has proposed at least one consolidated tape
of post-trade price data be put together, which it has left open to commercial firms to operate.
Responses to the market structure consultation paper issued by Australia's national regulator, the Australian Securities and Investment Commission (ASIC), have thrown up a number of disagreements between market participants, notably on dark pools, maker-taker pricing and the consolidated tape
Separately, the report noted the CFA Institute's support of recommendations by the Committee of European Securities Regulators, the pan-European regulatory body which provided technical advice to the EC, to create a consolidated tape
of post-trade price data, introduce approved publication arrangements to standardise post-trade reporting and shorten the acceptable publication period for post-trade reports.