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The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the Company’s credit facility, and proceeds from one or more capitalmarkets transactions, subject to market conditions and other factors.
“The tick size proposal, in name only, is simple and one-dimensional, but in practice, there are changes to rebates, there are changes to pricing tiers, there are changes to odd lot data that’s being disseminated,” Eric Stockland, managing director, electronic trading for BMO CapitalMarkets, told The TRADE in August last year.
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.
ESMA has important decisions to make including what constitutes ‘real-time’, the workings of the selection and authorisation process (which will determine the governance and pricing to consumers), and the revenue sharing model for data contributors. Thus
” 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.
Tal Cohen, president, Nasdaq The exchanges timeline is pending regulatory approval and alignment with industry infrastructure providers, with plans to launch in the second half of 2026.
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