EuroCTP
| File:Beursplein 5 (cropped and edited).jpg | |
| Company type | Joint venture |
|---|---|
| Industry | Financial services |
| Founded | 23 August 2023 |
| Headquarters | Beursplein 5 Amsterdam, Netherlands |
Key people | Eglantine Desautel (CEO)[2] Timo Pentner (CTO) |
| Products | Consolidated tape (CT) for the European Union (prospective) |
| Owners | |
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EuroCTP (European Consolidated Tape Provider) B.V.[3] is a joint venture of 15 bourses,[4][5] that on 19 December 2025 was selected by the European Securities and Markets Authority (ESMA) to provide the first consolidated tape (CT) for financial trading in the European Union (EU) for a period of five years, under the Markets in Financial Instruments Directive (MiFIR).[6][7] This forms part of the European Commission's Capital Markets Union.[8]
For comparison, a similar electronic service, the Consolidated Tape System, has been in place in the United States since 1976. Following Brexit, the United Kingdom's Financial Conduct Authority (FCA) has tabled a CT reform similar to the EU's.[9]
History
[edit | edit source]Background
[edit | edit source]In the EU, financial markets are highly fragmented, with trading occurring across multiple exchanges and alternative trading venues. This makes it difficult for investors to get a clear picture of market activity, particularly in real-time. The EU had been lagging behind the US in this regard, where consolidated tapes have been available for equities since the 1970s.
Bourses had initially signalled reluctance towards the Commission's CT plans.[10]
2023-2025: Inception and selection
[edit | edit source]On 16 February 2023, EuroCTP was announced.[11]
On 23 August 2023, EuroCTP was incorporated, and the chair of its supervisory board, Jorge Yzaguirre Scharfhausen, was announced.[7]
On 5 December 2023, the leadership of EuroCTP was announced.[2]
ESMA tender competitors included:
- Jointly: Bloomberg, MarketAxess and Tradeweb.[12] They pulled out of the competition in December 2023.[13]
- Jointly: Barclays, Credit Agricole, Societe Generale, UniCredit and BlackRock[14][15]
- Jointly: Cboe Global Markets and Aquis Exchange.[16]
On 19 December 2025, EuroCTP was selected by ESMA to provide the EU’s first CTP for a period of five years.[17]
2026-present: Launch
[edit | edit source]Organisation
[edit | edit source]Management
[edit | edit source]- Eglantine Desautel (CEO)[2]
- Timo Pentner (CTO)
Supervisory board
[edit | edit source]The shareholders are represented in the supervisory board of EuroCTP by:[18]
- Frank Hoba (Deutsche Boerse)
- Emilie Rieupeyroux (Euronext)
- Nikolaj Kosakewitsch (Nasdaq)
- Jorge Yzaguirre Scharfhausen (SIX)
- Matthias Szabo (Vienna Stock Exchange)
- Manyu Moravenov (Bulgarian Stock Exchange)
Founding bourses
[edit | edit source]EuroCTP is a joint venture of the following 14 bourses, which operate regulated markets in all 27 member states[19] of the European Union (EU), as well as European Free Trade Association (EFTA) members Switzerland, Norway and Iceland (the two latter of which form part of the European Economic Area):[4]
- Bratislava Stock Exchange
- Bucharest Stock Exchange
- Budapest Stock Exchange
- Bulgarian Stock Exchange
- Cyprus Stock Exchange
- Deutsche Boerse
- Euronext
- Ljubljana Stock Exchange
- Luxembourg Stock Exchange
- Malta Stock Exchange
- Nasdaq Nordic
- SIX
- Warsaw Stock Exchange
- Vienna Stock Exchange
See also
[edit | edit source]- Economy of the European Union
- European Securities and Markets Authority
- European Supervisory Authorities
- European Banking Authority
- List of European stock exchanges
- Banking Union
- MiFid II
- Capital Markets Union
- European Insurance and Occupational Pensions Authority
- Consolidated Tape System
- Securities Information Processor
- Market data
- National market system plan
- Ticker tape
References
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- ^ https://www.esma.europa.eu/press-news/esma-news/esma-selects-euroctp-become-first-consolidated-tape-provider-shares-and-etfs
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- ^ https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=226717&navigationaction=industrynews/
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- ^ https://www.globaltrading.net/aquis-and-cboe-enter-the-ctp-ring/
- ^ https://www.esma.europa.eu/press-news/esma-news/esma-selects-euroctp-become-first-consolidated-tape-provider-shares-and-etfs
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ https://www.thetradenews.com/bratislava-stock-exchange-becomes-euroctps-sixteenth-shareholder/
External links
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