IPUG is publishing a possible commercial proposal for the European and UK consolidated tape for bonds. It is hoped that proposed model can assist potential Consoildated Tape Providers and European and UK regulators in the design and construction of their commercial models.
The commercial model proposed utilises the commercial models currently offered by exchanges but incorporates some essential elements that allow the model to be acceptable to consumers whilst ensuring the consolidated tape is a success ..
- The ‘types of use’ for Non-Display fees are simple for consumers to understand and adhere to. This addresses the consumer concern that fees and related policies are too complex and getting more complex.
- The fees and their relationship to both the cost of producing and disseminating the data and the revenues received are made publicly transparent. This addresses the consumer concern that MIFID II Reasonable Commercial Basis is not being adhered to.
