The European Securities and Markets Authority (ESMA) has launched the selection procedure for the over-the-counter (OTC) derivatives consolidated tape provider (CTP) in the EU.
Firms interested in participating are currently being encouraged to register and submit their tender requests and expressions of interest by 11 February 2026.
Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, which was named the UK bond CTP by the UK’s Financial Conduct Authority (FCA) in September 2025, said: “The launch of ESMA’s tender is an important step in supporting the EU’s ambition to deliver greater transparency in OTC derivatives markets.
“Improved access to high-quality post-trade OTC derivatives data has the potential to strengthen market efficiency, confidence and oversight for this important asset class. We have been actively engaged in this space for several years, and we expect to make a further announcement in the coming days.”
ESMA is expected to decide on the OTC derivatives CTP by the beginning of July 2026.
Read more – Trade associations call on ESMA and the European Commission to strengthen consolidated tape framework
The provision of a CT for OTC derivatives is set to address issues of fragmentation across European markets, through consolidating post-trade data from data contributors onto a single and continuous electronic stream.
In addition, the tape is expected to allow market participants to gain access to accurate information, to enable more efficient price discovery, and align with the Savings and Investment Union (SIU) initiatives.
Following this initial selection procedure, requests received will be assessed according to exclusion and selection criteria, and ESMA will then invite successful participants to submit an application.
The successful applicant for the CTP will take on a contract to operate the tape for five years, following authorisation with ESMA.
Read more – European Commission sets date for derivatives consolidated tape tender
The launch marks a further consolidated tape for EU markets in recent months. In December 2025, EuroCTP was awarded the CTP contract for shares and ETFs by ESMA, after being the only confirmed bidder in the process.
Similarly, in July 2025, fairCT, co-ordinated by Ediphy was selected to be the first CTP for bonds in the EU, following a six-month application process.