ESMA has authorised EuroCTP B.V. to operate as the Consolidated Tape Provider (CTP) for shares and exchange-traded funds across the European Union. The approval represents a significant milestone in implementing the EU’s consolidated tape framework, designed to enhance transparency and efficiency in equity capital markets by aggregating pre-trade and post-trade data from multiple sources into a single stream.
- Service Launch: Transition period until 30 September 2026
- Operating Period: Five years following the start of service under ESMA supervision
- Free Access: Retail investors, academics, civil society, and regulators
- Pricing Model: Other users pay reasonable fees for data access
- Framework: Operates under MiFIR compliance structure
This authorisation marks a key step in the implementation of the consolidated tape framework, strengthening the transparency and efficiency of EU equity capital markets. By bringing pre-trade and post-trade data from multiple data contributors into a single stream, the CTP for shares and ETFs will give market participants a comprehensive view of trading activity.
The consolidated tape consolidates market data to support price discovery and facilitate informed investment decisions for EU and international investors. The initiative aligns with the European Commission’s Savings and Investments Union objectives. Access pricing reflects a tiered approach: retail investors and academics gain free access, while institutional and commercial users pay reasonable fees for internal and client-facing applications.
ESMA has granted EuroCTP an extended transition period until September 2026 to complete operational and technical preparations. The regulator has called on data contributors and market participants to maintain active engagement with EuroCTP to ensure a smooth launch. Following the transition phase, EuroCTP will operate the consolidated tape under direct ESMA supervision in accordance with the MiFIR regulatory framework.
