In its technical advice to lawmakers in Brussels, CESR says that without regulatory intervention, market forces are "unlikely to deliver an adequate and affordable consolidation of transparency information on a pan-European basis".

The call, although widely expected, is a blow to exchanges wary of giving up control of a valuable source of revenue at a time when their income and market share is being squeezed by a host of new competitors.

However, Eddy Wymeersch, chair, CESR, says the creation of a consolidated tape "remains an area where it will be key to see concrete steps being taken in the very short-term as we remain convinced of its necessity".

The CESR document also calls for MiFID to be amended to develop binding technical standards on regulated markets and MTFs' organisational requirements regarding sponsored access, co-location, fee structures and tick sizes.

CESR will also "work on high-frequency trading to better understand any risks that it may pose to the orderly functioning of markets".

In addition, CESR recommends formal measures to improve the quality of post-trade data to shorten delays for regular and deferred publication and to reduce the complexity of the regime. It also wants the post-trade MiFID transparency regime extended to apply to equity-like instruments and the "majority of the bond universe"

Another call is for obligatory reporting of client IDs when orders are transmitted for execution with the transmitting firm, either providing them to the receiving firm or reporting the transaction to the competent authority.

Says Wymeersch: "The opportunity to review the MiFID at this juncture has also provided an important step forward towards convergence amongst supervisory practices and brings a single rulebook a step closer, which will be of benefit both to market participants and retail investors alike, strengthening certainty and greater confidence for all."

Read the document here.