big xyt has dropped out of the bidding process to become the EU’s consolidated tape provider for equities and ETFs.
The decision was driven by a lack of necessary financial backing to continue in the race, big xyt confirmed, adding that they had engaged with key industry stakeholders and carried out a comprehensive internal review to reach this conclusion.
The withdrawal comes two months after the firm announced its intention to bid in April 2025, stating that the bid specifically addressed key concerns of data quality, cost and independence.
It also indicated that it had received “overwhelming” support from the industry to go ahead in the process.
“While we had not originally planned to enter the race, we stepped up late in the process in response to concerns about competition, governance and data quality,” said Robin Mess, chief executive of big xyt.
“Our proposal was shaped by a belief that the CTP should serve the entire industry – with robust governance, a focus on data quality and independence at its core. However, this vision requires strong, coordinated support across market participants, which could not be secured at this time.”
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Withdrawal takes effect immediately, and The European Securities and Markets Authority (ESMA) has already received formal notification.
The firm has said that despite its withdrawal, it understands the importance of bringing a consolidated tape to Europe, and will continue working towards its goal of providing its global clients with transparency and accessibility within financial markets.
The move also now leaves EuroCTP as the only confirmed bidder for the tape, led by chief executive Eglantine Desautel.
big xyt’s departure follows ESMA’s announcement in June 2025 that it had launched the first selection procedure for the shares and ETF consolidated tape provider (CTP). The end date for interested parties to submit requests to participate is 25 July, and after this, the watchdog will assess these against the exclusion and selection criteria before inviting successful candidates to submit their applications.