Bloomberg, MarketAxess and Tradeweb Markets have formed a joint venture company to apply to become a comnsolidated tape provider for European fixed income markets.
The European Securities and Markets Authority is organisaning a consolidated tape public procurement exercise following draft proposed legislative revisions by the European Commission to enable the development.
In a statement, the three vendors say: "With our collective expertise in fixed income markets and in operating regulatory reporting entities - notably Approved Publication Arrangements (APAs) for MiFIR reporting - we are in a unique position to deliver a reliable, efficient and cost-effective consolidated tape service that meets the needs of market participants and the objectives of the regulators."
The firms intend to establish a joint venture company tthat will run and oversee the project and operate independently of their respective businesses. As an initial step, the JV partners are preparing a competitive request for information process to review independent third-party technology and operating partners.