A long-awaited consolidated tape for European stocks went live this week, but five major lobby groups say it doesn’t go far enough. The associations, including the European Banking Federation and European Fund and Asset Management Association, are calling on the European Union to increase the depth of the data by disclosing the location stock quotes come from. They argue this would allow investors to make more informed decisions and make European markets more attractive to global participants.

The push comes as Brussels works through the Market Integration and Supervision Package, known as MISP, which aims to streamline the region’s capital markets. While the European Commission’s original proposals include upgrades to the consolidated tape, the final version still requires agreement with the European Parliament and EU member states.

Since Monday, equity investors can access a data feed amalgamating activity across the region’s bourses and trading venues. However, the feed currently provides only the best bid and ask prices without revealing the venue they originated from. The groups want the debate to focus on making dispersed liquidity more visible rather than prescribing where trades should take place.

The associations also called on Brussels to limit fees market participants pay exchanges to access data and to streamline clearing and settlement of securities such as stocks and bonds.