Bloomberg, MarketAxess and Tradeweb subject assertion on JV settlement

Bloomberg, MarketAxess and Tradeweb at the moment collectively introduced they won’t kind an impartial firm to take part within the public procurement process to turn into the fastened earnings consolidated tape supplier (CTP) within the European Union or the UK.

The businesses clarify that varied developments in current months have added additional readability to the chance and complexity of delivering this challenge beneath a three way partnership from the three companies.

The businesses state:

“For instance, unsure outcomes round product definitions and structural complexities would considerably enhance the timeline and prices related to this method.

As such, after cautious consideration, we’ve collectively agreed to finish our engagement on this enterprise”.

Bloomberg, MarketAxess and Tradeweb observe that they continue to be independently dedicated to working with regulators and the business to contribute and drive additional progress in direction of this crucial initiative.