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DEUTSCHE BÖRSE AG

(DB1)
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Real-time Estimate Tradegate  -  07:47 2022-12-01 am EST
177.93 EUR   +1.15%
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EU lawmaker proposes market data waiver for smaller bourses

07/22/2022 | 10:10am EST
FILE PHOTO: The trading floor is seen at the end of a trading day at the German stock exchange (Deutsche Boerse) in Frankfurt

LONDON (Reuters) - Smaller stock exchanges in the European Union should be exempt from having to supply market prices to a real-time record of transactions for investors, a senior EU lawmaker has proposed.

An EU draft law is mandating "consolidated tapes" to mesh stock, bond and derivatives markets spread across 27 countries by forcing platforms to supply prices as close to real time as possible to investors.

The aim is to enable investors to find the best deals. Exchanges want a 15-minute delay before the mandatory handing over of their data. Banks and investment funds say a tape will be of no use if not in real time.

The plans pit exchanges like Deutsche Boerse and Euronext, keen to keep control over data, against asset managers and banks who say that data on share trades is too expensive -- a complaint rejected by exchanges.

The European Parliament and EU states will have the final say on the proposed legislation.

Danuta Huebner is leading negotiations on parliament's side and will propose exempting platforms which represent less than 1% of total EU daily trading from supplying prices to the tape, an excerpt from her upcoming report, leaked to the press, said.

Platforms which "do not contribute significantly to the fragmentation of EU markets" would also be exempt, but bourses that do not make use of an exemption should get a higher share of the tape's revenues.

Smaller bourses, such as in eastern Europe, would benefit if the amendment is backed by parliament and EU states.

In a move banks will welcome, Huebner, who had no immediate comment, backed the draft law's provision for a tape giving real-time prices.

It was also "essential" that the share tape contains "pre-trade" information, the excerpt says, a step industry bodies like the Association for Financial Markets in Europe (AFME https://www.afme.eu/news/press-releases/details/AFME-BVI-Cboe-Europe-and-EFAMA-Agree-Cross-Industry-Consensus-on-EU-Equity-Consolidated-Tape) have called for. The draft law only refers to "post-trade" prices or completed transactions.

The efficient functioning of Europe's markets is now even more critical to fund the economy given the financial impact of war in Ukraine, said AFME CEO Adam Farkas.

(Reporting by Huw Jones; Editing by Susan Fenton)

By Huw Jones


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BÖRSE AG 1.08% 177.9 Delayed Quote.19.58%
EURONEXT N.V. 1.65% 73.92 Real-time Quote.-20.28%
GIELDA PAPIERÓW WARTOSCIOWYCH W WARSZAWIE S.A. 1.58% 36.02 Delayed Quote.-14.39%
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Sales 2022 4 266 M 4 399 M 4 399 M
Net income 2022 1 469 M 1 514 M 1 514 M
Net Debt 2022 2 273 M 2 344 M 2 344 M
P/E ratio 2022 22,0x
Yield 2022 2,14%
Capitalization 32 299 M 33 309 M 33 309 M
EV / Sales 2022 8,10x
EV / Sales 2023 7,29x
Nbr of Employees 9 528
Free-Float 96,6%
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Last Close Price 175,90 €
Average target price 192,59 €
Spread / Average Target 9,49%
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Theodor Weimer Chief Executive Officer
Gregor Pottmeyer Chief Financial Officer
Martin Jetter Chairman-Supervisory Board
Christoph Böhm Chief Operating & Information Officer
Mareike Sich Head-Financial, Corporate & IT
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