The Consolidated Tape

In previous papers, we worked with a number of trade associations and bodies to promote evidence-based policy discussion and propose concrete improvements in transaction data frameworks (such as the AFM’s Principles relating to fixed income). However, one important aspect of any consolidation exercise is the insights into the market itself.

In this whitepaper we provide insights into US Treasury activity traded on EU and UK venues from 1st January 2023 – 31st March 2024. This was assisted by SIFMA, allowing us to compare issuance recorded by Treasury Direct, with activity for those same bonds on EU and UK venues.

In our last whitepaper, we outlined a simple framework to capture the interconnected, generic issues affecting “data quality” in order to maximise the efficiency of a CTP. Gathering records from July 2017 to October 2023, FINBOURNE has compiled a database with all historical FIRDS information – some 107,632,766 security records.

Using this data, this paper will take a deeper dive into the issues around reference data for all asset classes, as well as practices to ensure a ‘golden source’ to complement any work on transaction data.

Previously in this whitepaper series and alongside our work with the Dutch Authority for the Financial Markets (AFM), we have highlighted the data quality issues and basic building blocks that need to be addressed, to maximise the efficiency of a CTP.

In this latest paper, we try to create a singular view of the issues relating to ‘data quality’ and summarise their impact and the challenges market participants and retail investors face, as a result.