Call for evidence on consolidation of market transparency data

Market transparency is a key feature of the MiFID (2004/39/EC). An adequate level of pre- and post-trade information contributes to the effective operation of the market and for investor protection.
There is a clear risk of data fragmentation following the implementation of MiFID, which could potentially undermine the transparency objective in MiFID. In order to achieve efficient price discovery and facilitate achievement and monitoring of best execution, information about prices and transactions should ideally be available in a consolidated format. The Directive establishes a framework for the publication of both pre- and post -trade information, but the consolidation of the information from separate sources is left to market forces.
CESR organised in December 2005 a round table where the issues were discussed with some market participants for the first time. In its meeting in January 2006 CESR decided to proceed by issuing a call for evidence and organising an open hearing in order to have a more complete view from different market participants. Based on the feedback, the more precise content of further (if any) action will be decided in the next CESR meeting in May 2006.
CESR is inviting all interested parties to submit their views regarding the (potential) future work on transparency data publication and consolidation.