Consolidated Tape for European Bond Markets
Ediphy Analytics is a division of the Ediphy Group. It shares its advanced technology with Ediphy Markets, a regulated execution service for capital markets. Co-founded by CEO Chris Murphy in 2017, the Ediphy Group is developing technology-led solutions to digitise and simplify institutional trading in international capital markets.
A prototype consolidated tape is being developed in conjunction with 10+ global industry participants and with the support of The Dutch AFM and The French AMF. The work , under the Ediphy initiative, launched in May 2021, is being completed in parallel to the revision process to the current regulatory framework being carried out by the European Commission under the MiFID Refit review. It is expected that the fully viable CTP solution will be ready upon completion of the Refit process and positioned for maximum success in the resultant ESMA competitive tender.
The initiative remains open to buyside, sellside and market infrastructure participants interested in joining an initiative with the aim delivering a market utility CT based on a cost recovery+ only model intended to reduce market data costs over time.
The 1st to deliver an initiative to develop a prototype consolidated tape since the concept emerged as part of the MiFID consultation process in 2014
A collaborative project in conjunction with financial markets participants from all sectors. All institutional data users are invited to participate
Ediphy is pursuing an industry utility model on a cost recovery only basis for its proposed consolidated tape solution
Regulatory engagement with the Dutch AFM and French AMF will ensure that outstanding issues related to data access and data quality are resolved
Run on a cost-recovery basis to deliver the solution at the lowest cost for the entire industry
Early adopters will have access to the consolidated data and be able to shape the eventual final production version
Increased data quality and transparency with reduced market data costs