Recital 29

(29) Trading venues facilitating the trading of shares via a pre-trade transparent order book play a key role in the price formation process. This is particularly true for small regulated markets and SME growth markets, namely those whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union (‘small trading venues’), which are generally the main centre of liquidity for the securities they offer for trading. The data that small trading venues contribute to the consolidated tape therefore play a more determining role in the price formation for the shares that small trading venues admit to trading. Notwithstanding the possibility of certain data contributors not to contribute to the consolidated tape, it is appropriate to grant, to those data contributors that decide to opt in to the consolidated tape, preferential treatment for the redistribution of revenue generated by the consolidated tape for shares and ETFs, to help small trading venues to maintain their local admissions and safeguard a rich and vibrant ecosystem in line with the objectives of the capital markets union.

← Recital 28 · All articles · Recital 30 →

Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.