ESMA will soon be selecting providers to operate the European consolidated tapes for bonds, followed by shares and ETFs and finally by derivatives. Join IPUG on 15th September 2022 to hear what’s happening and when.
ESMA will soon be selecting providers to operate the European consolidated tapes for bonds, followed by shares and ETFs and finally by derivatives. IPUG members and sister organisations can Join IPUG on 15th September 2022 at 13:00 London time, to hear, from an expert, what’s happening and when.
In the July 2022 draft legislation from The European Parliament, Committee on Economic and Monetary Affairs, it is states that ..
“Competition among consolidated tape providers ensures that the consolidated tape is provided in the most efficient way and under the best conditions for users. However, no entity has, up until now, applied to act as a consolidated tape provider. It is therefore considered appropriate to empower ESMA to periodically organise a competitive selection procedure to select a single entity which is able to provide the consolidated tape for each specified asset class. ESMA should prioritise the selection and authorisation of a consolidated tape provider for bonds, followed by shares and ETFs and finally by derivatives.
The selection processes for each CTP should be staggered at regular intervals, witheach selection process starting no later than six months after the initiation of the preceding one. Given the similarities between shares and ETFs, ESMA should conduct a parallel process for those two financial instruments, acceptingproposals for either a single consolidated tape comprising both shares and ETFs, or two separate tapes. For shares only, the CTP should comprise pre-trade data related to the best bid and offer. ESMA should also require the CTP for shares to be capable or at least to have the technical capabilities to consolidate and display pretrade data related to the first five layers of order books.
