The joint effort between Aquis Exchange and Cboe Global Markets to bid for the EU’s consolidated tape project has come to an end. Citing “economic reasons,” Aquis announced that it has decided to withdraw from the partnership, leaving EuroCTP as the only publicly confirmed contender in the race to operate the tape.
In a joint venture announced in October 2024 and branded “SimpliCT,” Aquis and Cboe had planned to pool their expertise in a Netherlands-based entity. However, after evaluating the project, the two exchanges decided not to proceed.
“We have worked closely with Aquis to explore, via the SimpliCT joint venture, participation in the public tender process to operate the EU equities consolidated tape,” said a Cboe Europe spokesperson to the Trade. “However, after careful consideration, we have together decided against proceeding any further.”
The spokesperson reaffirmed Cboe’s broader commitment to the idea of a consolidated tape, calling it a tool that could “strengthen the EU market ecosystem” by fostering greater competitiveness, integration, and accessibility for market participants.
SIX acquisition
The decision to scrap the partnership follows the announcement in November 2024 that Swiss exchange operator SIX would acquire Aquis. The development introduced uncertainty over Aquis’s continued participation in the consolidated tape bid.
At the time of the acquisition announcement, SIX warned that if Aquis pursued a bid for the equity consolidated tape provider role, it would withdraw from EuroCTP, a consortium of 14 exchanges supporting the tape initiative. SIX remains one of EuroCTP’s backers, though it is unclear how today’s news may influence its position.
EuroCTP alone in the race
With Aquis and Cboe stepping aside, EuroCTP now appears to be the sole bidder for the European Commission-mandated consolidated tape. The tape, aimed at enhancing transparency and market efficiency, is a central element of the Mifir Review, which came into force in April 2024.
The European Securities and Markets Authority (ESMA) has confirmed that the official selection process will begin in June 2025, with the successful applicant to be announced by the end of the year. For now, the focus shifts to EuroCTP’s bid and whether it can meet regulators’ ambitious goals for the consolidated tape.
