EuroCTP has been selected by the European Securities and Markets Authority (ESMA) to be the EU’s first consolidated tape provider (CTP) for shares and exchange-traded funds (ETFs).
The decision comes after the joint venture submitted its official bid to become the tape provider on 25 July 2025, following the launch of ESMA’s tender process on 20 June.
ESMA has stated that EuroCTP was selected following an in-depth assessment of its tender offer against Mifir criteria, all of which the firm met.
Speaking to The TRADE, Eglantine Desautel, chief executive of EuroCTP, said: “I am thankful for the dedication of our teams, partners, advisory committee members, and shareholders. We deeply appreciate the broad industry support and valuable feedback that enabled us to refine our product in close collaboration with the industry and deliver a cutting‑edge, future‑ready platform.
“Our focus now is on working closely with ESMA to secure authorisation within the agreed process. From there, we are targeting a July 2026 go‑live, subject of course to the authorisation timeline. Overall, we’re proud of today’s announcement and look forward to what comes next.”
EuroCTP is now expected to take steps to apply for authorisation, following which the group would operate the shares and ETFs CTP for a five-year period, under ESMA’s supervision.
The firm was the only confirmed bidder in the process, after data and analytics solutions provider xyt dropped out of the race in June 2025, citing a lack of necessary financial backing.
The provision of a CT for shares and ETFs is set to address issues of fragmentation and transparency across equity markets in the EU.
Natasha Cazenave, ESMA’s executive director, said: “Today’s announcement is a major milestone for the attractiveness of equity markets in the EU, as the CTP will provide a consolidated view of market activity in shares and ETFs for retail and institutional investors across Europe.
“As a long-standing supporter of European consolidated tapes, and after the selection of the CTP for bonds, ESMA is confident that this new step will contribute to advancing the Savings and Investment Union (SIU), benefitting all market participants.”
EuroCTP’s bid for the equites CT has garnered significant support across the industry, and the firm is backed by 16 shareholders, with Bratislava Stock Exchange marking the most recent addition in July.
In addition, the group is also supported by an advisory committee spanning 12 members from across the industry, including firms such as BlackRock, BNP Paribas and Norges Bank.
Citadel’s managing director and head of government and regulatory policy, EMEA, Virginie Saade was the most recent industry figure to join the committee in early December, with additional members expected to join in the future.