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 | |
Website | www |
EuroCTP (European Consolidated Tape Provider) B.V. [3] is a joint venture of 14 bourses, [4] [5] intending to tender for the provision of a consolidated tape (CT) for financial trading in the European Union (EU). The selection process, arranged by the European Securities and Markets Authority (ESMA), is scheduled to be finalised in 2025. [6] This forms part of the European Commission's Capital Markets Union. [7]
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. [8]
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 has been lagging behind the U.S. in this regard, where consolidated tapes have been available for equities since the 1970s.
Bourses had initially signaled reluctance towards the Commission's CT plans. [9]
On 16 February 2023, EuroCTP was announced. [10]
On 23 August 2023, EuroCTP was incorporated, and the chair of its supervisory board, Jorge Yzaguirre Scharfhausen, was announced. [6]
On 5 December 2023, the leadership of EuroCTP was announced. [2]
ESMA tender competitors include:
The shareholders are represented in the supervisory board of EuroCTP by: [16]
EuroCTP is a joint venture of the following 14 bourses, which operate regulated markets in 26 out of 27 member states (all except for Slovakia) [17] 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]
Euronext N.V. is a European bourse that provides trading and post-trade services for a range of financial instruments.
The Frankfurt Stock Exchange is the world's 3rd oldest and 12th largest stock exchange by market capitalization. It has operations from 8:00 am to 10:00 pm.
SIX Swiss Exchange, based in Zürich, is Switzerland's principal stock exchange. SIX Swiss Exchange also trades other securities such as Swiss government bonds and derivatives such as stock options.
The Depository Trust & Clearing Corporation (DTCC) is an American financial market infrastructure company that provides clearing, settlement and trade reporting services to financial market participants. It performs the exchange of securities on behalf of buyers and sellers and functions as a central securities depository by providing central custody of securities.
Xetra is a trading venue operated by the Frankfurt Stock Exchange based in Frankfurt, Germany.
Deutsche Börse AG, or the Deutsche Börse Group, is a German multinational corporation that offers a marketplace for organizing the trading of shares and other securities. It is also a transaction services provider, giving companies and investors access to global capital markets. It is a joint stock company and was founded in 1992, with headquarters in Frankfurt. On 1 October 2014, Deutsche Börse AG became the 14th announced member of the United Nations Sustainable Stock Exchanges initiative. It is the third largest stock market in Europe by market cap after Euronext Paris and the London Stock Exchange.
The Warsaw Stock Exchange (WSE) is a stock exchange in Warsaw, Poland. Founded in 1817, it was located in the Saxon Palace until 1877 when it was moved to the Exchange Building at the Saxon Garden. Currently, it is located at ul. Książęca 4 in the Śródmieście District of Warsaw in the Exchange Center Building opened in 2000. As of September 2024, there are 410 companies, including 42 foreign ones, quoted on the stock exchange whose market capitalization amounts to PLN 1.50 trillion, making it the largest stock exchange in Central and Eastern Europe. The most important stock market indices of the Warsaw Stock Exchange are WIG20, WIG30, MWIG40 and SWIG80. Trading at Warsaw runs from 08:30 to 17:00 with closing auction from 17:00-17:05.
Borsa Italiana, based in Milan at Mezzanotte Palace, is the Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.
The Wiener Börse AG is a bourse situated in Vienna, Austria. The exchange owns and operates the Prague Stock Exchange, and holds stakes in energy exchanges and clearing houses. It provides market infrastructure to other exchanges in Central, Eastern, and Southeastern Europe, and collects and distributes stock market data and calculates the most important indices of the region. The Austrian Traded Index (ATX), the leading index of Wiener Börse, tracks the price of its blue chips in real time. The ATX composition is updated every March and September, mainly based on a stock's capitalized free float and trading volumes. The Vienna Stock Exchange also maintains a market for fixed income securities, with more than 13,000 active bonds from 38 countries and a total volume of €720bn as at May 2023.
NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca. NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form the first global equities exchange, with its headquarters in Lower Manhattan. The corporation was then acquired by Intercontinental Exchange, which subsequently spun off Euronext.
Euronext Paris, formerly known as the Paris Bourse, is the official stock exchange in France. It is Europe's second largest stock exchange as of December 2023. It was formerly seated at the Palais Brongniart in Paris, its long-standing home. As of 2022, the 795 companies listed had a combined market capitalization of over US$4.58 trillion.
The Bulgarian Stock Exchange, or BSE, is the sole licensed and operating stock exchange in Bulgaria. It was founded on 10 October 1991.
Turquoise is an equities trading platform, created by nine major investment banks in 2008. The aim was to provide dealing services at a 50% discount to traditional exchanges. It is a hybrid system that allows trading both on and off traditional exchanges. The system was advertised as a "pan-European platform based in London".
The Malta Stock Exchange, known as the Borża ta' Malta, is the stock exchange of the island nation of Malta. Since being set up in 1992, the Exchange has been key to the raising of capital for the private sector through the issue of corporate bonds and equity while virtually all the national debt of Government of Malta has been issued in the form of Malta Government bonds and treasury bills that are listed and traded on the secondary market.
The Luxembourg Stock Exchange, LuxSE is based in Luxembourg City at 35A boulevard Joseph II.
The Consolidated Tape System (CTS) is the United States electronic service, introduced in April 1976, that provides last sale and trade data for issues admitted to dealings on the American Stock Exchange, New York Stock Exchange, and U.S. regional stock exchanges.
London Stock Exchange Group plc, also known as LSEG, is a global provider of financial markets data and infrastructure. Headquartered in London, England. It owns the London Stock Exchange, Refinitiv, LSEG Technology, FTSE Russell, and majority stakes in LCH and Tradeweb.
LCH is a financial market infrastructure company headquartered in London that provides clearing services to major international exchanges and to a range of OTC markets. The LCH Group includes two main entities: LCH Limited based in London and LCH SA based in Paris.
Tradeweb Markets Inc. is an international financial technology company that builds and operates electronic over-the-counter (OTC) marketplaces for trading fixed income products, ETFs, and derivatives. Its customers include banks, asset managers, central banks, pension funds and insurance companies. Tradeweb's headquarters are in New York City.
MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.
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