The strangest thing about the Committee of European
Securities Regulators (Cesr) recommendations for a
consolidated tape at the end of July was the apathy with which
they were greeted.
The band of European securities regulators has proposed that
a consolidated tape a complete record of all trading
should be established for exchange-traded funds (ETF)
and other equity-like instruments. This would bring the EU into
line with the US, where all ETF trading, both on and
off-exchange, has to be reported.
The timing of the recommendations to the Markets in
Financial Instruments Directive (Mifid) certainly...