The European Securities and Markets Authority (ESMA) has authorised EuroCTP to operate the EU’s consolidated tape for shares and exchange-traded funds (ETFs), according to the regulator.
EuroCTP has until 30 September 2026 to complete the operational and technical arrangements required before the service goes live. Once operations begin, the company will run the tape for five years under ESMA’s direct supervision, in line with the MiFIR framework.
ESMA Executive Director Natasha Cazenave said the authorisation is “a key step in the implementation of the consolidated tape framework”. She added that combining pre-trade and post-trade data from multiple contributors into “a single stream” will provide market participants with “a comprehensive view of trading activity”.
Under the framework, retail investors, academics, civil society organisations and regulators will have free access to the data. Other users will be able to access the consolidated tape for a fee for internal use and with clients.
ESMA also called on data contributors and other market participants to maintain a high level of engagement during the transition period.
