The European Securities and Markets Authority (ESMA) has published the final report on the technical standards related to consolidated tape providers (CTOs) and other data reporting services providers (DRSPs). The revised technical standards cover new rules applicable to CTPs, including those regarding data quality and reporting, revenue redistribution and authorisation, and the synchronisation of business clocks across market infrastructures.
The final report was guided by the responses to a consultation opened in May this year. The consultation was prompted by a legislative amendment to the Markets in Financial Instruments Regulation (MiFIR) in March 2024, which required that ESMA develop “several new regulatory technical standards (RTS) and to revise existing ones”.
The report was submitted on 16 December. The European Commission will decide whether to endorse the proposed RTS in three months. The selection for CTPs for bonds will begin on 3 January 2025 while that for equities will commence in June 2025.
