1. For each of the following asset classes, ESMA shall organise a separate selection procedure for the appointment of a single CTP for a period of five years:

(a) bonds;

(b) shares and ETFs; and

(c) OTC derivatives or relevant subclasses of OTC derivative.

ESMA shall initiate the first selection procedure pursuant to the first subparagraph, point (a), by 29 December 2024.

ESMA shall initiate the first selection procedure pursuant to the first subparagraph, point (b), within six months of the initiation of the selection procedure pursuant to the first subparagraph, point (a).

ESMA shall initiate the first selection procedure pursuant to the first subparagraph, point (c), of this paragraph within three months of the date of application of the delegated act referred to in Article 27(5) and no earlier than six months from the initiation of the selection procedure laid down in the first subparagraph, point (b), of this paragraph.

ESMA shall initiate subsequent selection procedures pursuant  to  the first subparagraph in time to allow the provision of the consolidated tape to continue without disruption.

2. For each of the asset classes referred to in paragraph 1, ESMA shall select the applicant that is suitable for operating the consolidated tape on the basis of the following criteria:

(a) the technical ability of the applicant to provide a resilient consolidated tape throughout the Union;

(b) the capacity of the applicant to comply with the organisational requirements laid down in Article 27h;

(c) the ability of the applicant to receive, consolidate and disseminate, as applicable:

(i) for shares and ETFs, pre-trade and post-trade data;

(ii) for bonds, post-trade data;

(iii) for OTC derivatives, post-trade data;

(d) the adequacy of the governance structure of the applicant;

(e) the speed at which the applicant can disseminate core market data and regulatory data;

(f) the appropriateness of the applicant’s methods and arrangements to ensure data quality;

(g) the total expenditure needed by the applicant to develop the consolidated tape and the costs of operating the consolidated tape on an ongoing basis;

(h) the level of the fees that the applicant intends to charge to the different types of users of the consolidated tape, the simplicity of its fee and licensing models, and compliance with Article 13;

(i) for the consolidated tape for bonds, the existence of arrangements for revenue redistribution in accordance with Article 27h(5);
(j) the use of modern interface technologies by the applicant for the dissemination of core market data and regulatory data and for connectivity;

(k) the appropriateness of the arrangements put in place by the applicant to keep records in accordance with Article 27ha(3);

(l) the ability of the applicant to ensure resilience and business continuity, and the arrangements that the applicant intends to put in place to mitigate and address outages and cyber risk;

(m) the arrangements the applicant intends to put in place to mitigate the energy consumption generated by the collection, processing and storage of data;

(n) where an application is submitted by joint applicants, the necessity, in terms of technical and logistical capacity, for each of the applicants to apply jointly.

3. The applicant shall provide all the information necessary to enable ESMA to confirm that the applicant has put in place, at the time of the application, all the necessary arrangements to fulfil the criteria  laid down in paragraph 2 of this Article and to comply with the organisational requirements laid down in Article 27h.

4. Within six months of the initiation of each selection procedure referred to in paragraph 1, ESMA shall adopt a reasoned decision selecting the applicant that is suitable for  operating  the  consolidated tape and inviting it to submit without undue delay an application for authorisation.

5. Where no applicant has been selected pursuant to this Article or authorised pursuant to Article 27db, ESMA shall initiate a new selection procedure within six months of the end of the unsuccessful selection or authorisation procedure.