FINBOURNE joins AFM’s Innovation Hub to explore the creation of an EU Consolidated Tape
London 22 November 2021 – FINBOURNE Technology has joined the Dutch Authority for the Financial Markets’ (AFM) regulatory sandbox, to drive the creation of a Consolidated Tape Provider (CTP), relating to the European Union’s MiFID and MiFIR frameworks, as part of the Capital Markets Union plan.
While the need for a CTP is resoundingly evident, recent high-level debates, consultation papers have presented conflicting views on both the scope and timing of a Consolidated Tape (CT). As discussions around the regulatory vehicle intensify across the UK and the EU, FINBOURNE aims to create clarity on these issues joining AFM’s Innovation Hub, among others. The AFM supports current initiatives for the development of proof-of-concepts CT’s through its regulatory sandbox on a non-exclusive basis.
Using its domain expertise, FINBOURNE will share its research into over 50 million transactions, from public sources*. The SaaS technology provider has broken down over six months of transactions data, to identify specific data quality issues. With the help of its recently launched Design Council, it aims to address these underlying data obstacles, to form a transparent, technology-led CTP solution, that can successfully deliver capital markets with transparency and visibility of market liquidity.
FINBOURNE’s participation in the AFM’s Innovation Hub, provides it and others a credible opportunity to explore the development and testing of solutions within the broad EU regulatory framework. Designed to support matters regarding supervision and regulation of innovative financial products and services, the regulatory sandbox will provide an engaging platform, encouraging dialogue with retail and market professionals.
The AFM also acts as an observer in FINBOURNE’s CTP Design Council. The Design Council comprises a number of global financial firms across the buy and sell side, as well as specialist entities who can advise data standards and operations.
Christopher Farrell, COO, FINBOURNE Technology comments: “We are pleased to participate in the AFM’s regulatory sandbox. It is a significant step in our CTP journey, as we tackle the identified issues, to support capital markets with greater transparency and visibility of market liquidity. Leveraging our data management expertise, we believe we can deliver a rigorous technology-led solution for the EU financial community. We look forward to this next phase, and to delivering a timely Consolidated Tape that is fit for purpose, meets the needs of all users and supports the European Union’s Capital Markets Union program.”
For further information please contact:
Mittal Shah, Head of External Communications, FINBOURNE Technology
Mittal.firstname.lastname@example.org / +44 (0) 204 534 4105
Notes to Editor:
*FINBOURNE research comprises of publicly available, post-trade transaction data from a number of the largest APAs and Trading Venues (the ‘transaction data providers’).
To learn more about CTP, see here.
About FINBOURNE Technology
FINBOURNE Technology was founded in December 2016 with a mission to reduce the cost of investing and increase transparency for everyone. The company has grown from seven founders to over 130 people in less than five years. Our SaaS-native solutions offer greater agility and control, designed to deliver a new standard for data management, with a faster time to market.
Built as a bitemporal engine and using open APIs, LUSID® ingests and translates data across organisations’ existing operational stack and wider ecosystem. The data platform supports IBOR, ABOR, tax-lot accounting, valuation and risk workflows. While, Luminesce®, a data virtualisation engine, solves the need to find and securely gather an extended world of data in real-time, enabling deeper insights and analytics.
Together, they cover a depth of critical data management processes, for start-up managers, through to global investment institutions. Delivering data management as a service, we aim to provide a cutting-edge, cloud infrastructure that sits at the heart of the global investment industry.
Subscribe to our newsletter
Get stories like this in your inboxSign up
AFME/ Finbourne study demonstrates need for longer deferrals for large and illiquid trades and shows transparency could be significantly improved for majority of smaller fixed income trades
Making an impact in private markets, starts with the data
Biodiversity: The next hurdle in the ESG data marathon
Market practice makes (a CT) perfect!