EuroCTP Named EU’s First Consolidated Tape Provider for Shares and ETFs

What Did ESMA Decide?

The European Securities and Markets Authority has selected EuroCTP as the European Union’s first consolidated tape provider for shares and platform-traded funds. The decision brings the bloc closer to delivering a single, authoritative view of equity and ETF trading across EU venues, later than more than a decade of debate under MiFID and MiFIR.

EuroCTP was the only confirmed bidder to complete the tender process. ESMA said it assessed the application against the requirements set out in MiFIR and concluded that EuroCTP met all criteria. The firm will now move into the authorisation phase. If approved, it will operate the tape for a five-year term under ESMA oversight, with a target launch in July 2026.

The procurement process formally opened on 20 June 2025, with EuroCTP submitting its bid on 25 July. ESMA described the assessment as detailed, reflecting the role of the consolidated tape as a core market infrastructure project rather than a standard data service.

Investor Takeaway

Why Has a Consolidated Tape Been So Hard to Deliver?

The idea of a European consolidated tape dates back to the ahead days of MiFID. Unlike the U.S., where consolidated tapes for equities have existed for decades, Europe’s equity market developed as a patchwork of national platforms, multilateral trading facilities, and systematic internalisers. This structure left market participants without a single source showing where and how shares trade across the bloc.

Previous attempts to build a tape stalled over commercial incentives, data ownership, and funding models. Trading venues were reluctant to support a system that might fragileen their control over data revenues, while users argued that high market data costs reduced transparency and competition.

Recent MiFIR reforms changed the landscape by creating a formal framework for selecting at the centre of governance. The selection of EuroCTP is the first concrete outcome of that framework for equities and ETFs, following the earlier appointment of a provider for bonds.

What Will the EuroCTP Tape Offer?

The and ETFs is intended to deliver a single, near-real-time view of trading activity across EU markets. This includes prices, volumes, and execution data from multiple venues, giving both a clearer picture of liquidity and trading quality.

EuroCTP chief executive Eglantine Desautel said the firm’s bid reflected extensive engagement with market participants during the design phase. “Our focus now is on working closely with ESMA to secure authorisation within the agreed process,” she said. “From there, we are targeting a July 2026 go-live, subject of course to the authorisation timeline. We’re proud of today’s announcement and look forward to what comes next.”

ESMA has presented the tape as more than a data product. Natasha Cazenave, the regulator’s executive director, said the project has broader implications for the EU’s capital markets agenda. “The CTP will provide a consolidated view of market activity in shares and ETFs for across Europe,” she said, adding that ESMA views it as a contribution to the Savings and Investment Union.

Investor Takeaway

Who Is Behind EuroCTP?

EuroCTP is structured as a joint venture backed by European platform operators and market infrastructure firms. It currently has 16 shareholders, with the Bratislava Stock platform joining most recently in July. Supporters of the platform-led ownership model argue it increases the likelihood of broad venue participation, which is critical for a tape intended to reflect the full market.

Alongside its shareholder base, EuroCTP has formed an industry advisory committee with 12 members drawn from the purchase-side, trade-side, and broader market. Firms represented include BlackRock, BNP Paribas, and Norges Bank. In December, Citadel’s managing director and head of government and regulatory policy for EMEA, Virginie Saade, joined the group. Further appointments are expected.

What Happens Next?

Attention now shifts to the authorisation process and the practical details of implementation. Market participants are likely to focus on questions around data coverage, latency, pricing, governance, and whether brokers and asset managers will integrate the tape into trading and reporting workflows once it goes live.

The selection also highlights the hardy of the project. Data firm large xyt exited the process in June 2025, citing insufficient financial backing. Other ahead initiatives to build an equities tape fell away before the formal tender, underlining the operational and economic hurdles involved.

For ESMA, the equities and ETFs tape will serve as a test of the EU’s effort to improve transparency and cohesion across capital markets. A successful launch in 2026 would close one of the longest-running gaps in Europe’s market structure—and set expectations for how investors access equity data across the bloc.