Etrading Software has submitted its tender application to be the EU OTC derivatives consolidated tape provider (CTP), through non-profit organisation, Transparent Markets Europe (TME).
Matthijs Geneste
ESMA is expected to make a decision on the EU OTC derivatives CTP by early July 2026.
The submission follows the launch of the European Securities and Markets Authority’s (ESMA) tender process for the tape on 5 January 2026, with interested parties able to register and submit participation requests until 11 February.
In addition to the tender submission, TME – which acts as a neutral, public-interest market utility dedicated to the tape’s delivery – has also unveiled its founding members who will support the tape initiative, including the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), Etrading Software, PGGM, SIX Group and S&P Global.
By selecting a variety of institutional users, data vendors and market infrastructure operators, the members are expected to bring a wide range of perspectives to the development and delivery of the tape, explained the firm.
Read more – Etrading Software confirms intention to bid for OTC derivatives consolidated tape
Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, said: “Transparent Markets Europe will provide a best-in-class governance model for this critical derivatives infrastructure. We are delighted with the level of industry support we have received.”
Specifically, TME’s tender phase will be overseen by a temporary steering committee, spanning Etrading Software, PGGM, SIX Group and S&P Global, following which, if selected to be the CTP, the committee will become the board of TME, with representatives from BVI and DSB set to join at this later date.
“Submitting our tender application marks an important step towards delivering a consolidated tape that genuinely serves the needs of Europe’s OTC derivatives markets,” said Matthijs Geneste, chief executive-designate of Transparent Markets Europe.
“Our focus is on providing a high-quality, resilient and cost-effective service that enhances transparency, strengthens market confidence and aligns fully with ESMA’s objectives.”
The delivery of a CT for OTC derivatives aims to address market fragmentation across various venues and APAs in Europe and enhance post-trade transparency for market participants.