3/15/2024 0 Comments Citi global data index![]() ![]() ![]() “Every single piece of data within a transaction, even a single ISIN that was traded – believe they own all of that,” noted one person close to the situation, speaking on condition of anonymity. “Where would this end?” asked one buy-side head of trading.Īccording to sources seen by The DESK, the legal basis for the bank’s case appears to be an agreement that the bank has for investment manager clients not being able to share its data, and a broad interpretation of what constitutes the bank’s data. Consequently the mandated plans for a CT under the European Securities and Markets Authority (ESMA) would provide the only route to increased transparency in Europe. More broadly, if other banks were to successfully assert legal control over data held on the buy side, the development of a consolidated tape (CT) for bond pricing would be impossible on a commercial basis. If the bank were to successfully assert legal control over data held by its clients in this way, it would also have control over the viability of other commercial bond market transparency initiatives, due to the size of its activity in the market. Share The European credit trading team at Citi has, according to several large asset managers, told buy-side clients the bank owns any data relating to bilateral bond trades in which it was involved.Īs a result, it has said its clients may not share this information even anonymously, outside of regulatory obligations, specifically targeting its use by Glimpse Markets, a firm providing buy-side data sharing. ![]()
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