FINBOURNE Technology is bringing its data management expertise into play as it joins the Dutch Authority for the Financial Markets’ (AFM) regulatory sandbox to drive creation of a Consolidated Tape Provider (CTP) as noted in the EU’s MiFID and MiFIR frameworks. As regulatory and industry discussion and consultation on a consolidated tape intensifies and raises conflicting views on both the scope and timing of a consolidated tale, FINBOURNE aims to provide clarity on these issues by joining the AFM sandbox.
Christopher Farrell, chief operating officer at FINBOURNE Technology, says: “This is a significant step in our CTP journey. 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 EU Capital Markets Union programme.”
As part of its commitment to joining the AFM regulatory sandbox, FINBOURNE will share its research into over 50 million transactions sourced from a number of the largest MiFID II Approved Publication Arrangements (APAs) and trading venues.
The company has used its Software-as-a-Service (SaaS) technology to break down over six months of transactions data to identify specific data quality issues. It has also set up a CTP Design Council, which comprises a number of global financial firms across the buy-side and sell-side, as well as specialists advising on data standards and operations. The Council aims to address the underlying data obstacles of a CT and form a transparent, technology-led CTP solution. The AFM acts as an observer on the CTP Design Council.