Market data and analytics provider big xyt has formally announced its bid to become the official consolidated tape provider (CTP) for EU equities and ETFs. The move comes as the European Securities and Markets Authority (ESMA) prepares for the tender process under the ongoing MiFIR review.
The consolidated tape aims to bring together trading data from across European venues into a single, standardised source. The initiative is intended to improve market transparency, but the selection process has drawn criticism for a perceived lack of competition. Several potential providers have withdrawn, raising concerns about concentration risk and impartiality.
Big xyt, which has been aggregating and analysing European trading data since 2014, positions itself as an independent and experienced alternative. The company already provides normalised market data and analytics to a range of financial institutions and regulatory bodies. “Our independent approach ensures the resulting tape will serve the market fairly,” said CEO Robin Mess. The firm argues that its neutrality, having no affiliation with trading venues, sets it apart from vertically integrated competitors.
Level 3 analytics
Its technology stack, built on a proprietary cloud platform, is designed to handle high volumes of data and deliver analytics at both pre- and post-trade levels. big xyt also highlights its capabilities in Level 3 analytics, real-time monitoring, and MiFID II compliance.
While the company has received industry support, it remains one of few public bidders so far. Its entry is likely to add competitive pressure to the process and could influence how governance and pricing models are structured.
Tender process
The formal tender process is not expected to begin before June. Until then, big xyt says it will continue discussions with stakeholders to build a sustainable and neutral framework for the tape’s development.
ESMA is tasked with overseeing the selection process and ensuring the consolidated tape supports regulatory goals of market transparency, efficiency, and accessibility.
