The European Securities and Markets Authority has authorised EuroCTP B.V. to operate as the European Union's Consolidated Tape Provider for shares and exchange-traded funds. The move advances the implementation of the bloc's consolidated tape framework under the Markets in Financial Instruments Regulation.
The authorisation is part of ESMA's implementation of the MiFIR transparency reforms. Finance Magnates previously reported that the framework includes consolidated tapes for multiple asset classes, including derivatives.
Retail Investors Gain Free EU Market Data
The consolidated tape for shares and ETFs will combine pre-trade and post-trade data from multiple trading venues into a single stream, providing market participants with a consolidated view of trading activity across EU equity markets.
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Under the framework, retail investors will have free access to the data. ESMA said academics, civil society organisations and regulators will also receive the information free of charge. Other users will be able to access the data for a reasonable fee and use it for internal purposes and with clients.
Natasha Cazenave, ESMA's Executive Director, described the authorisation as "a key step in the implementation of the consolidated tape framework." She said bringing "pre-trade and post-trade data from multiple data contributors into a single stream" would provide market participants with "a comprehensive view of trading activity" and "support better price discovery."
ESMA Sets September Launch Preparation Deadline
ESMA has granted EuroCTP a transition period until 30 September 2026 to complete the operational and technical arrangements required before the service becomes operational.
Once the service launches, EuroCTP will operate the consolidated tape for shares and ETFs for five years under ESMA's direct supervision in line with the MiFIR framework.
ESMA said it expects data contributors and other market participants to continue engaging with EuroCTP during the transition period to support the timely launch of the consolidated tape.
