On 2 April 2025, the European Securities and Markets Authority (ESMA) issued a short press release clarifying certain aspects of the Consolidated Tape Provider (CTP) for bonds.
In the press release ESMA provides clarification on the:
- Timing of the entry into force and application of the delegated acts related to CTP and the transparency regime. ESMA has no indication that the European Commission intends to introduce substantial changes to the draft technical standards that ESMA published on 16 December 2024 and expects them to be adopted shortly.
- Possibility of ESMA granting a transition period to the selected and authorised CTP for bonds. ESMA acknowledges the possibility – foreseen within the Markets in Financial Instruments Regulation – to grant a transitional period to the selected CTP, if it is requested by the applicant. In that case, ESMA can grant a short transition period to the authorised CTP, to ensure its readiness and the readiness of its contributors for the start of the CTP activities. ESMA encourages market participants to prepare for the start of the CTP without counting on an extended transition period after the authorisation of the entity.