(Bloomberg) -- A centerpiece of the European Union’s push for a cross-continental financial system has drawn criticism from one of the biggest exchanges in the bloc.

The EU revealed plans Thursday for a near-realtime consolidated tape to provide investors with an overview of liquidity and prices across European trading venues. Exchanges including Euronext NV and Deutsche Boerse AG are set to share in the revenue generated by this data, while other operators like Cboe Global Markets Inc.’s European unit will be excluded.

“Today’s proposal is highly discriminatory against pan-European venues,” Cboe Europe said in a statement. “The consolidated tape needs to treat all market data contributors fairly.”

The firm has offices in both London and Amsterdam and about 21% market share in equities traded across the continent so far this month. 

Cboe also criticized the EU’s plan to limit the use of the reference price waiver, in a move designed to discourage investors away from so-called dark trading pools. This change, part of the broader review of the Markets in Financial Instruments Regulation, will limit investor choice, a Cboe spokesperson said.

A spokesperson for the European commission didn’t immediately respond to requests for comment.

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