The European Securities and Markets Authority (ESMA) has today launched the first selection procedure for the shares and ETF consolidated tape provider (CTP).
Interested parties have until 25 July to submit requests to participate in the selection procedure.
Following this, the watchdog will assess these against the exclusion and selection criteria before inviting successful candidates to submit their applications.
Read more: Buy- and sell-side unveil recommendations for proposed equities and ETF consolidated tape structure
In a statement, the watchdog reiterated that the main aim of the CTP is to enhance market transparency and efficiency through the consolidation of both pre- and post-trade data into a single and continuous electronic stream.
“This consolidated view of market activity should help market participants to access accurate and timely information and make better-informed decisions, leading to more efficient price discovery and trading and contributing to the Savings and Investment Union (SIU),” said ESMA.
Read more – Consolidated tape: Avoiding a ‘garbage in and garbage out exercise’
The Regulated Technical Standards (RTS) adopted by the European Commission on 12 June 2025, is set to be used as the basis for the assessment of some criteria.
This is specifically when it comes to specifying the input and output data of consolidated tapes, the synchronisation of business clocks, and the revenue redistribution by the CTP, as well as the obligation to make market data available to the public on a reasonable commercial basis.
ESMA has confirmed its intention to come to a decision on the selected applicant – who will operate the CTP for a five year period – by the end of 2025.