2026 Capital Market Equities 
The TRADE
JUNE 5, 2024
First reported by Wall Street Journal, TXSE is aiming for a launch at the start of 2025 and host its first listing in 2026. Texas has been noted by market participants as an increasingly significant market in North America and globally, playing host to around 5000 private equity-backed firms and 1500 publicly listed firms.
The TRADE
JANUARY 16, 2024
For a member state where PFOF is currently allowed, they will continue to be able to offer this until 30 June 2026, after which it will be phased out. In addition, ESMA is set to assess the effectiveness of a CT for shares by 30 June 2026, which includes consideration of the potential to add additional features to the equity pre-trade tape.
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The TRADE
DECEMBER 20, 2023
” ESMA has confirmed that it plans to award to a single entity the right to operate as a CTP for five years, with one authorised for each asset class: bonds, equity (shares and ETFs) and OTC derivatives (or relevant subclasses). The establishment of a consolidated tape for bonds in the UK is a major milestone.
The TRADE
JUNE 29, 2023
A consolidated tape will be of considerable benefit to the capital markets industry, promoting transparency and ultimately helping to boost growth in European equities. Thursday’s compromise includes the possibility for a member state where PFOF is currently allowed to offer firms in its jurisdiction an exemption.
The TRADE
JULY 4, 2023
“AFME in particular regrets that the determination to create an ambitious, real-time equity consolidated tape with sufficient pre-trade information has been lost through the negotiations,” said Adam Farkas, chief executive of AFME. A decision that has been largely welcomed by participants. told The TRADE.
The TRADE
SEPTEMBER 23, 2024
“The reforms we adopted will help promote greater transparency, competition, fairness, and efficiency in our $55 trillion equity markets. They are pro-capital formation.” Read more: The SEC’s equities overhaul: Necessary plumbing changes or a liquidity drain? That goes to the heart of the SEC’s mission.
The TRADE
JANUARY 2, 2024
Vikesh Patel, President at Cboe Clear Europe Repeated efforts by incumbent exchanges to restrict clearing competition in equities will be a dominant theme of Europe’s post-trade environment in 2024. Market participants have clearly been voicing their desire for competitive clearing.
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