ESMA_QA_2822
01/04/2026
Subject Matter
Consolidated Tape Provider (CTP)
    What types of transmission protocols may the CTP choose from, according to Article 22a(5) of MiFIR?

    ESMA Answer
    01-04-2026

      The CTP may select any of the types of transmission protocols that a data contributor makes available to other data users for the dissemination of data as specified in Article 13(1) of MiFIR.
      Where a data contributor has outsourced its reporting to the CTP to a third party, the CTP may likewise select from the types of transmission protocols that this third party offers to other data users for the dissemination of data as specified in Article 13(1) of MiFIR.
      A data contributor should not outsource CTP reporting for the purpose of intentionally restricting the CTP’s choice of transmission protocols.

      Status: Published Answer Updated

      Additional Information

      Level 1 Regulation
      Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
      Additional Legal Reference
      Article 22 of MiFIR
      Topic
      Data reporting services providers