Market data and analytics provider big xyt has withdrawn its bid to become the EU consolidated tape provider (CTP) for equities and ETFs. The company stated in a press release that it was unable to secure the financial backing needed to continue in the selection process.
The withdrawal follows months of consultation with industry stakeholders. According to big xyt, while there was interest in its proposal for an independent and data-focused tape, the level of coordinated financial commitment from the market did not materialise.
big xyt had not initially planned to take part in the CTP bidding but entered late in the process, as reported on by PostTrade 360°, after being approached by market participants concerned about competition, governance, and data quality. Its proposal aimed to offer a neutral alternative to incumbent exchange-led bids.
Own version
The firm already operates its own internal consolidated view of European market data, which underpins its analytics services. This experience, it said, had informed its understanding of the technical and operational requirements of a full-scale CTP.
Despite stepping back from the formal bid, big xyt says it will continue its focus on transparency and data quality through its existing services. The company has notified the European Securities and Markets Authority (ESMA) of its decision, which takes effect immediately.
