Etrading Software has announced its intention to bid for the EU’s over-the-counter (OTC) derivatives consolidated tape (CT), through the launch of non-profit organisation, Transparent Markets Europe (TME).
The move follows the launch of the European Securities and Markets Authority’s (ESMA) initial selection procedure for the consolidated tape provider (CTP) on 5 January 2026, allowing firms to submit tender requests by 11 February.
Specifically, the establishment of TME is expected to act as a neutral, public-interest market utility, which aims to deliver the tape on an open-access, cost-recovery basis, if selected to be the CTP.
Matthijs Geneste, chief executive-designate of TME, said: “The revised Mifir framework presents a once-in-a-generation opportunity to transform OTC derivatives transparency in Europe. […] We look forward to working with partners across the market as we prepare for the ESMA tender.”
Through the launch, TME has also outlined its core objectives for the delivery of an OTC derivatives CT, including: a single, authoritative consolidated record of EU OTC derivatives post-trade data, common data standards and enhanced data quality controls, resilient and scalable infrastructure and reasonable, transparent pricing.
Moreover, the organisation will not have any shareholders or equity, and will be headquartered in Amsterdam, with Etrading Software providing underlying technology and operational infrastructure for tape delivery.
The launch of ESMA’s OTC derivatives CT process for the EU aims to address market fragmentation across various venues and APAs in Europe, and enhance post-trade transparency for market participants.
A decision on the EU OTC derivatives CTP is expected in early July 2026.
In September 2025, Etrading Software was named the UK bond CTP by the UK’s Financial Conduct Authority, beating out three other bidders for the contract.
The firm plans to launch the tape on 22 June 2026.