ESMA Authorizes EuroCTP as Consolidated Tape Provider

The European Securities and Markets Authority (ESMA) has authorized EuroCTP B.V. to operate as a Consolidated Tape Provider (CTP) for equities and exchange-traded funds (ETFs). According to Natasha Cazenave, Executive Director of ESMA, "this authorization represents a key step in the implementation of the consolidated tape framework, strengthening transparency and efficiency in the EU equity capital markets."

Framework of the Consolidated Tape

The consolidated tape will unify trading data, providing market participants with a comprehensive view of equity capital market activities. This will support better price discovery and facilitate more informed investment decisions, both for EU and international investors, contributing to the objectives of the Union of Savings and Investments.

Availability of Data

Data will be available free of charge to retail investors, academics, civil society organizations, and regulators. Other users will be able to access the data for a reasonable fee for internal use and with clients.

Transition Period

ESMA has granted EuroCTP a transition period until 30 September 2026 to complete the necessary operational and technical arrangements before the service begins. Once this period is concluded, EuroCTP will be responsible for operating the consolidated tape for equities and ETFs for five years under the direct supervision of ESMA, as per the MiFIR framework.

ESMA urges data contributors and other market participants to maintain a high level of engagement with EuroCTP to ensure a smooth and timely launch of the consolidated tape activities.

Next Steps

The start of operations for EuroCTP will mark the onset of this new era of transparency and efficiency in capital markets. ESMA will continue to closely monitor the process to ensure compliance with the objectives set within the regulatory framework.

For further information, contact Tayfun Yilmaz, Communications Officer, at [email protected].