Three European market associations and exchange operator Cboe have agreed on the key principles that could help create a consolidated tape for equities and fixed income trading across the bloc.

A joint paper signed by the Association for Financial Markets in Europe, German Investment Funds Association BVI, European Fund and Asset Management Association and Cboe, outline 11 foundations for a consolidated tape that would be viable in Europe. In essence, a consolidated tape would be a single repository collecting data such as the price and size of trades from all exchanges into one feed.