LONDON: Smaller stock exchanges in the European Union should be exempt from having to supply market prices to a real-time record of transactions for investors, a senior EU lawmaker has proposed.

An EU draft law is mandating “consolidated tapes” to mesh stock, bond and derivatives markets spread across 27 countries by forcing platforms to supply prices as close to real time as possible to investors.

The aim is to enable investors to find the best deals. Exchanges want a 15-minute delay before the mandatory handing over of their data. Banks and investment funds say a tape will be of no use if not in real time.

The plans pit exchanges like Deutsche Boerse and Euronext, keen to keep control over data, against asset managers and banks who say that data on share trades is too expensive – a complaint rejected by exchanges.

The European Parliament and EU states will have the final say on the proposed legislation.