On Jun. 20, 2025, EU ESMA launched first selection procedure for the CTP for shares and exchange-traded funds (ETFs), which aims to enhance market transparency.
Entities interested to apply should submit their requests to participate in the selection procedure by Jul. 25, 2025, contract notice and procurement documents are available.
RTS on specifying the input and output data of consolidated tapes, the synchronization of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and Annexes, to be used as basis for assessment of some criteria.
Along with RTS on the obligation to make market data available to the public on a reasonable commercial basis, and its Annexes; both adopted by EU CMSN Jun. 12.
ESMA will assess received requests and invite the successful candidates to submit their applications, intends to adopt reasoned decision on selected applicant by end 2025.
The successful applicant will be selected to operate the CTP for period of 5 years and invited to apply for authorization with ESMA, once authorized supervised by ESMA.
On May 23, ESMA issued consolidated tape providers consultation.
ESMA issued Markets in Financial Instruments Regulation (MiFIR) Review consultation package including proposed technical standards on consolidated tape providers (CTPs) and data reporting service providers (DRSPs), assessment criteria for CTP selection.
Latest amendments to MiFIR entered into force Mar. 28, 2024, changing provisions around establishment of CTPs and DRSPs, ESMA must develop technical standards.
And periodically organize competitive CTP selection procedures, now seeks input.
Consultation
ESMA's consultation sets out its proposed rules on input and output data, covering reporting instructions and data quality requirements for all CTPs and data contributors.
Draft rules for methodology for equity CTP to redistribute revenue to data contributors and criteria to suspend such distribution; clock synchronization requirements for systematic internalizers (SIs) and DRSPs, trading venues operators, their members.
Authorization and organization requirements for authorized publication arrangements (APAs) and approved reporting mechanisms; new rules for authorization of CTPs.
And ESMA's initial reflections on the assessment of CTP applicants; proposed standards aim to aid market transparency, remove obstacles to emergence of consolidated tape.
Effectiveness
The closing date for the submission of responses to the consultation is Aug. 28, 2024.
ESMA will then prepare final report based on responses, and intends to submit the final draft technical standards to the European Commission no later than Dec. 29, 2024.
Expects to issue a feedback statement on the specification of the assessment criteria for the CTP selection procedure by the end of 2024.
Sep. 2024 Selection Procedure
On Sep. 30, 2024, EU ESMA announced next steps for the selection of CTPs.
Selection procedure launch for the CTP for bonds on Friday Jan. 3, 2025: first working day for EU institutions after Dec. 29, 2024, the date set out in Art. 27da(1) of MiFIR.
Intends to adopt a decision within 6 months of the launch, i.e. by early July 2025.
In Jun. 2025, ESMA will launch the selection procedure for the CTP for shares and ETFs with objective to adopt reasoned decision on selected applicant by the end of 2025.
Each selection procedure will be launched with a contract notice and documents.
Prospective applicants are invited to register and familiarize themselves with portal.
ESMA intends to share guidance on assessment of exclusion criteria in coming weeks.
Applicants will be granted as much time as possible to provide details on their projects.
ESMA will be available to answer questions throughout the application periods.
In Dec. 2024, prior to launch of first selection procedure, ESMA will publish a feedback statement on the May consultation paper, including final draft technical standards.
In Oct. 2024, EC issued reports on parameters of EU consolidated tapes, see #230097.
Nov. 25, 2024 Exclusion Criteria Guidance
On Nov. 25, 2024, EU ESMA issued guidance on exclusion criteria for CTPs selection.
The guidance clarifies details for some of the documents that future applicants will be expected to provide when participating in the selection process for CTPs.
During first stage of the selection procedure, the exclusion criteria will be used to assess if applicants can be invited to submit their applications in the second stage.
ESMA will require specific documentation from applicants, including a declaration of honor and valid evidence of exclusion criteria, the guidance includes an indicative overview of relevant certificates issued in each EU member state for such evidence.
ESMA will launch the selection procedure for the CTP for bonds on Jan. 3, 2025 and for the CTP for shares and exchange traded funds (ETFs) in Jun. 2025.D
Dec. 16, 2024 Criteria to Assess CTP Applicants Feedback
On Dec. 16, 2024, EU ESMA issued feedback statement following its May 2024 consultation on the assessment criteria for the upcoming CTP selection procedure.
This summarizes the input received for each of the criteria: governance and organization requirements; costs, fees, revenue distribution; ability to process data and dissemination speed; data quality, modern interface and record-keeping.
And on resilience, cyber-risk and energy consumption; for each, ESMA sets out its reaction to the feedback and whether it intends to make any changes due to it.
The feedback statement does not go into the technical details of the final approach for each criterion, as these are an integral part of selection process and will be unveiled only at the launch of each procedure, ESMA will finalize these technical specifications.
First section procedure for CTP for bonds will be launched on Jan. 3, 2025.
Dec. 16, 2024 Technical Standards on CTPs, DRSPs
On Dec. 16, 2024, EU ESMA also issued final report containing technical standards related to CTPs and DRSPs following MiFIR Review consultation package of May 2024.
Technical standards in report cover new rules applicable to CTPs re data quality, revenue redistribution and authorization, and update the provisions on authorization and organizational requirements for APAs, Authorized Reporting Mechanisms (ARMs).
And on the synchronization of business clocks across market infrastructures.
ESMA submitted the final report to EU CMSN on Dec. 16, 2024, the Commission has 3 months to decide whether to endorse the proposed amendments to the RTS.
In Apr. 2025, ESMA updated on preparing for CTP provider for bonds, see #249510.
Jun. 2025 Adopted Framework
On Jun. 12, 2025, EU CMSN advanced work for a consolidated EU trading landscape for financial instruments by adopting an implementing act and three delegated acts.
I.e., Implementing Regulation C(2025)3101 laying down implementing technical standards for the application of Regulation 600/2014 with regard to the standard forms, templates and procedures for the authorization of approved publication arrangements, approved reporting mechanisms and consolidated tape providers, and related notifications, and repealing Commission Implementing Regulation 2017/1110.
Delegated RegulationC(2025)3103 supplementing Regulation 600/2014 with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis.
Delegated RegulationC(2025)3100 supplementing Regulation 600/2014 with regard to regulatory technical standards on the authorization and organisational requirements for approved publication arrangements and approved reporting mechanisms, and on the authorization requirements for consolidated tape providers, and repealing Delegated Regulation 2017/571.
Delegated RegulationC(2025)3102 supplementing Regulation 600/2014 with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronization of business clocks and the revenue redistribution by the consolidated tape provider for shares, ETFs, and repealing Delegated Reg 2017/574.
They will now 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.
Jun. 20, 2025 CTP for Shares and ETFs
On Jun. 20, 2025, EU ESMA launched first selection procedure for the CTP for shares and exchange-traded funds (ETFs), which aims to enhance market transparency.
Entities interested to apply should submit their requests to participate in the selection procedure by Jul. 25, 2025, contract notice and procurement documents are available.
RTS on specifying the input and output data of consolidated tapes, the synchronization of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and Annexes, to be used as basis for assessment of some criteria.
Along with RTS on the obligation to make market data available to the public on a reasonable commercial basis, and its Annexes; both adopted by EU CMSN Jun. 12.
ESMA will assess received requests and invite the successful candidates to submit their applications, intends to adopt reasoned decision on selected applicant by end 2025.
The successful applicant will be selected to operate the CTP for period of 5 years and invited to apply for authorization with ESMA, once authorized supervised by ESMA.
