On 12 June 2025, the European Commission (Commission) adopted the following technical standards to enable the creation of consolidated tapes, as required by the Markets in Financial Instruments Regulation (MiFIR):

  • Commission Delegated Regulation supplementing MiFIR with regard to regulatory technical standards (RTS) on the authorisation and organisational requirements for approved publication arrangements (APAs) and approved reporting mechanisms (ARMs), and on the authorisation requirements for consolidated tape providers (CTPs) and repealing Delegated Regulation (EU) 2017/571 together with an annex.
  • Commission Implementing Regulation laying down implementing technical standards for the application of MiFIR with regard to the standard forms, templates and procedures for the authorisation of APAs, ARMs and CTPs, and related notifications, and repealing Commission Implementing Regulation (EU) 2017/1110.
  • Commission Delegated Regulation supplementing MiFIR with regard to RTS on the obligation to make market data available to the public on a reasonable commercial basis.
  • Commission Delegated supplementing MiFIR with regard to RTS specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the CTP for shares and exchange traded funds and repealing Delegated Regulation (EU) 2017/574 together with an annex.

Commissioner for Financial Services and the Savings and Investments Union, Maria Luís Albuquerque, said: “The consolidated tapes are a significant contribution to the Savings and Investments Union. Today, accessing trading data in the EU is still too costly and dispersed.  By offering a unified, reliable view of market activity across the Union, consolidated tapes will make our capital markets more transparent, competitive, and accessible — both for investors within the EU and globally. Today’s rules mark a decisive step towards building a truly single European capital market.”

Next steps

The above will be transmitted to the European Parliament and the Council for scrutiny.

In the next few days, the Commission plans to adopt another Delegated Act on transparency rules to support the full implementation of the consolidated tapes.