The European Securities and Markets Authority (ESMA) has selected a consolidated tape provider to aggregate price and real-time volume data for OTC derivatives.
The award to Transparent Markets Europe (TME) follows a competitive tender process launched in January 2026. TME is an independent, non-profit entity whose founding members include the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), Etrading Software (ETS) as technology partner, and PGGM.
The tape is set to go live by late June 2027, following implementation of the amended MiFIR OTC derivatives transparency regime, expected to apply from 1 March 2027.
Once operational, the tape will collect data from trading venues across the EU and unify it into a single, continuous public data stream — giving traders a complete picture of liquidity and pricing across EU OTC derivatives markets. The industry-led initiative will run on a cost-recovery basis, with data fees covering operating and set-up costs only, and will be established as a single-purpose market utility.
TME’s consolidated tape will be built on the production infrastructure that Etrading Software developed and operates for the UK bond Consolidated Tape (CT), which went live on 22 June 2026.
TME will now begin the ESMA authorisation process. In parallel, it will engage data contributors to confirm connectivity, data formats and quality requirements, while defining access arrangements, output data specifications and licensing models for users. TME will also establish a consultative committee, inviting data contributors, users and other market stakeholders to provide structured input on fees, governance and service design.
