Etrading Software’s dedicated non-profit organisation, Transparent Markets Europe (TME), has been selected by the European Securities and Markets Authority (ESMA) to operate the EU’s OTC derivatives consolidated tape.
The granting of the mandate comes months after the firm submitted its tender to become the consolidated tape provider (CTP) on 12 February 2026, following the launch of the tender process on 5 January.
TME has confirmed that the tape will operate based off a cost-recovery model, and will function as a single-purpose market utility.
In addition, the tape’s launch is expected to support the EU Savings and Investment Union (SIU) and enhance transparency and price discovery in EU OTC derivatives markets.
Launch is currently expected by late June 2027, and will also align with the implementation of the amended Mifir OTC derivatives transparency regime, which will come into play across the EU from 1 March 2027.
TME was the only publicly-confirmed organisation to submit a tender for the EU OTC derivatives tape.
Matthijs Geneste, chief executive sesignate at TME, said: “Being awarded the mandate means we can start to deliver the EU’s OTC derivatives consolidated tape as a true market utility. With TME being owned by an independent not for-profit foundation, the CTP will answer to the market rather than to shareholders.
“We are building the service hand in hand with the firms that will contribute and use it, supported by ETS as our technology partner. Now comes the part that counts: timely delivery and execution to the standard the market deserves.”
Read more – ESMA launches initial selection process for OTC derivatives consolidated tape
Moreover, the EU OTC derivatives tape will also make use of the production infrastructure developed and operated by Etrading Software for the recently launched UK bond consolidated tape.
TME serves as an ‘industry-led initiative’ which operates within the public interest, and includes founding members spanning the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), Etrading Software, PGGM, SIX Group and S&P Global.
Rudolf Siebel, managing director of German Investment Funds Association BVI, added: “In a world of constantly shifting derivative prices and round-the-clock markets, a consolidated post-trade view of transaction prices and volumes provides a comprehensive window on financial market reality. The OTC derivatives consolidated tape will help determine whether asset managers seize opportunities – or miss them.”
TME is now expected to commence the ESMA authorisation process, as well as engage with data contributors and convene a consultative committee.