ESMA Authorises EuroCTP as Consolidated Tape Provider for EU Shares and ETFs

The European Securities and Markets Authority (ESMA), the EU's financial markets regulator, has granted authorisation to EuroCTP B.V. to operate as the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs).

According to Natasha Cazenave, ESMA's Executive Director, the authorisation represents a significant milestone in establishing the consolidated tape framework. The system will enhance transparency and efficiency across EU equity capital markets by aggregating pre-trade and post-trade data from multiple sources into a unified stream. This consolidated approach will enable market participants to access a complete picture of trading activity, supporting improved price discovery and helping investors make more informed decisions.

The data will be made available on different terms depending on the user category. Retail investors, academics, civil society organisations and regulators will receive free access to the information. Other users may access the data for a reasonable fee and use it for internal purposes and with clients.

ESMA has provided EuroCTP with a transition period extending until 30 September 2026 to complete the necessary operational and technical preparations. Following this transition phase, EuroCTP will operate the consolidated tape for a five-year period under ESMA's direct supervision, in accordance with the MiFIR framework. The five-year operational term will commence when EuroCTP begins its services.

The regulator has urged data contributors and market participants to maintain active engagement with EuroCTP to support a seamless and timely launch of the consolidated tape services.