Consolidated Tape Providers
The Markets in Financial Instruments Regulation review aims at creating the conditions for establishing consolidated tape providers (CTPs) for bonds, equities (shares and ETFs) and OTC derivatives. To appoint those CTPs, ESMA is responsible for selecting the most suitable candidates on the basis of pre-defined criteria and subsequently authorising and supervising the CTPs.
This section will be updated regularly with public information on the selection, the authorisation and the supervision of CTPs.
ESMA’s role in selecting CTPs
The Markets in Financial Instruments Regulation (MiFIR) provides a legislative framework for consolidated tape providers (CTPs). Those CTPs will be responsible for collecting from trading venues and approved publication arrangements (APAs) market data about financial instruments and for consolidating such data per financial instrument into a continuous electronic live stream made available to the public.
With the revised MiFIR now in force, ESMA is organising the first selection procedures to award to a single entity per asset class the right to operate a CTP for five years. A CTP will be authorised for each of the three asset classes: bonds, equity (shares and ETFs) and OTC derivatives (or relevant subclasses).
The selection procedures are subject to the rules of Regulation (EU, Euratom) 2018/1046 on the financial rules applicable to the general budget of the Union, with calls for tenders launched on a public platform. Each selection procedure is expected to be finalised six months after its launch with a reasoned ESMA decision on the applicant deemed suitable for operating the consolidated tape. This entity will be invited to apply for authorisation without undue delay in a separate procedure.
On 30 September 2024, ESMA published an announcement on the next steps for the selection of CTPs, including the launch date for the first selection of the bond CTP.
On 25 November 2024, ESMA published further guidance on exclusion criteria for the selection of CTPs, including some of the documents required from applicants.
On 16 December 2024, ESMA published the Final Report on the Technical Standards related to Consolidated Tape Providers and DRSPs and a Feedback statement on the Criteria to assess CTP applicants, taking into account the input received to the consultation package from May 2024.
In June 2025, the European Commission has adopted the technical standards covered in this Final Report. Subject to the scrutiny of the European Parliament and the Council of the EU, they will be published in the Official Journal of the EU and enter into force later in 2025.
Selection of the Consolidated Tape Providers
CTP for bonds
The selection procedure for the CTP for bonds was launched on 3 January 2025. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 7 February 2025.
The contract notice and procurement documents are available on the EU Funding & Tenders Portal.
CTP for equities
The selection procedure for the CTP for equities (shares and ETFs) was launched on 12 June 2025. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 25 July 2025.
The contract notice and procurement documents are available on the EU Funding & Tenders Portal.
CTP for OTC derivatives
The selection procedure for the CTP for OTC derivatives is expected to be launched in early 2026. Additional information may be shared in due course.
Transparency and engagement during the preparatory phase
Ahead of the launch of the respective selection procedures, ESMA is committed to engage in a regular dialogue with all relevant stakeholders, in strict respect of the principles of transparency and equal treatment between potential applicants.
To this end, ESMA organised two online workshops on the CTP selection procedures and the specification of assessment criteria with potential CTP applicants and with a broader set of market participants, including future CTP users and data contributors in 2024.
ESMA has organised an online public hearing on revised rules following the MiFIR review on Friday 28 June 2024. More information is available on this page.
Furthermore, ESMA staff is adhering to engagement principles ensuring an enhanced vigilance when discussing bilaterally with potential applicants and other stakeholders with specific interests in relation to the CTP selection, authorisation and supervision.
Contact form
Stakeholders interested in further understanding the selection, authorisation and supervision of CTPs are invited to submit their request for information via the dedicated contact form. Frequently asked questions (FAQs) could be published and regularly updated on this webpage, if not already addressed in the consultation package on CTPs.
Questions on the practical application or implementation of EU law and/or ESMA acts (such as Technical Standards and/or Guidelines) in the context of the CTPs should be submitted via the Q&A tool.