On 20 June 2025, the European Securities and Markets Authority (ESMA) launched the selection procedure for the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs).

Background

The 2024 review of the Markets in Financial Instruments Regulation (MiFIR) laid down a framework for the establishment of consolidated tapes for three different asset classes: equities and ETFs, bonds, and over-the-counter derivatives. The aim of the establishment of a consolidated tape is to enhance market transparency and efficiency by consolidating pre-trade and post-trade data from data contributors, such as trading venues, into a single and continuous EU-wide electronic stream. The European Commission believes that such a consolidated view of market activity could help market participants access accurate and timely information and make better-informed decisions, leading to more efficient price discovery and trading. The selection procedure for a CTP for bonds is ongoing since the beginning of 2025, and the selection process for a CTP for derivatives is expected to take place in 2026.

Next steps

The selection process will take place through a public tendering process. All information on the selection procedure, the contract notice, as well as the details of the tender, can be found on the EU Funding & Tenders Portal.

ESMA states that some of the MiFIR Delegated Regulations adopted by the European Commission on 12 June 2025 will be used as the basis for the assessment of some of the criteria against which the CTP is selected.

The selection procedure is open until 25 July 2025.

Following this deadline, ESMA will assess the received requests against the tender exclusion and selection criteria and will invite the successful candidates to submit their application.

ESMA intends to adopt a reasoned decision on the selected applicant by the end of 2025 after which the selected applicant must become authorised as a CTP.