There’s a battle raging just out of view on Europe’s financial markets. It's a fight between data originators – largely but not only the stock exchanges – and the data users – who could be anyone active on the markets – over the proposed “consolidated tape” which aims to improve access to trading data. Selling access has become “probably one of their biggest cash cows,” said a representative for Europe's asset management sector, commenting on the position of the stock exchanges.
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