European Financial Groups Sought Market Data Reforms
Five industry organizations requested rule changes to lower data costs and increase competition for investors.
Updated on Sept. 23, 2026 in Investing
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Five major financial organizations issued a joint position paper calling for the European Union to refocus the MiSP package on market data transparency and competition. The coalition argues that current structures limit provider choices and inflate costs for market participants.
Why it matters
High costs for market data access and limited competition in equities post-trade services can ultimately impact the efficiency and pricing available to market participants. These proposed reforms aim to create a more competitive environment for trading venues and liquidity providers.
Five industry organizations are lobbying for reforms, citing excessive market data costs compared to historical benchmarks and limited post-trade service options. The impact on specific household-level fees remains unknown until legislative negotiations conclude.
The players
AFME
The Association for Financial Markets in Europe represents a broad range of European and global banks and brokers.
EBF
The European Banking Federation is the collective voice of the European banking sector, advocating for policies that support economic growth.
EFAMA
The European Fund and Asset Management Association represents thousands of investment funds and asset managers.
EPTA
The European Principal Traders Association represents independent firms that provide liquidity to the markets.
MFA
The Managed Funds Association advocates for hedge fund and alternative investment managers.
The details
The organizations are pushing for the implementation of a Consolidated Tape system, which would provide a single, centralized view of trading liquidity across the EU. This proposal includes an EBBO (European Best Bid and Offer) mandate, designed to force competition between traditional exchanges, MTF venues, and liquidity providers. By consolidating this data, the coalition aims to reduce the overhead costs currently burdening market participants.
Timeline
The position paper was issued by the five organizations in mid-September 2026.
Money Landscape
This effort follows the established pattern of industry lobbying surrounding the EU's MiSP package and its role in European financial integration. The proposal attempts to shift the regulatory focus toward competitive access to market liquidity and data.
While these reforms target institutional market structures, the long-term goal is to reduce the costs of trading data and execution. Investors should monitor how these proposed mandates impact the overall cost of investment products and trading services offered by their financial institutions.
The takeaway
The proposed Consolidated Tape system could improve market transparency and reduce trading costs for retail and institutional investors alike. Keep an eye on updates regarding EU market integration policies as they progress through the legislative process.
Further reading
Learn more about the latest trends in global market accessibility in our Investing section.
More information
You can view the full details of the proposed reforms in the Five organisations position paper.
Source note: This article includes information reported by Agence Europe.
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Should European financial regulations prioritize lowering market data costs to increase competition between trading platforms?
