EuroCTP

Last updated

EuroCTP B.V.
Company type Besloten vennootschap
Industry Financial services
Founded23 August 2023;12 months ago (2023-08-23)
Headquarters Beursplein 5
Amsterdam, Netherlands
Key people
Eglantine Desautel (CEO) [2]
Timo Pentner (CTO)
ProductsConsolidated tape (CT) for the European Union (prospective)
Owners
Website www.euroctp.eu OOjs UI icon edit-ltr-progressive.svg

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 within 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]

Contents

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]

History

Background

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]

2023-present: Inception

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:

[14]

Organisation

Management

Supervisory board

The shareholders are represented in the supervisory board of EuroCTP by: [15]

Founding bourses

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) [16] 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]

See also

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References

  1. "Editorial information • EuroCTP". EuroCTP. Retrieved 19 January 2024.
  2. 1 2 3 "Former Euronext market services and digital head appointed to head up EuroCTP efforts - The TRADE". www.thetradenews.com. Retrieved 19 January 2024.
  3. "Consolidated Tape Providers". www.esma.europa.eu. Retrieved 19 January 2024.
  4. 1 2 "European exchanges launch JV for CTP tender - The TRADE". www.thetradenews.com. Retrieved 19 January 2024.
  5. Chan, Jeremy. "Deutsche Börse, Euronext, SIX back new bid to run EU's sole source of trading data". www.fnlondon.com. Retrieved 19 January 2024.
  6. 1 2 Jones, Huw (12 September 2023). "European bourses want to offer pan-EU share price feed to investors". Reuters.
  7. "EU and UK regulators reveal updated plans for bond tape frameworks - The TRADE". www.thetradenews.com. Retrieved 19 January 2024.
  8. Conchie, Charlie (5 July 2023). "FCA rips up trading tape in post-Brexit rules overhaul". CityAM. Retrieved 19 January 2024.
  9. "EU faces last-ditch challenge from exchanges over trading reforms". www.ft.com. Retrieved 19 January 2024.
  10. "Deutsche Börse Group - European exchanges collaborate for the provision of a consolidated tape in the European Union". www.deutsche-boerse.com. Retrieved 19 January 2024.
  11. "Bloomberg, MarketAxess and Tradeweb Explore EU Consolidated Tape for Fixed Income | Press | Bloomberg LP" . Retrieved 19 January 2024 via www.bloomberg.com.
  12. https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=226717&navigationaction=industrynews/
  13. "This Week: Competition ramps up for EU equities tape, Tradeweb-Euroclear-IGM partnership, Nasdaq, and more - WatersTechnology.com". www.waterstechnology.com. 14 April 2023. Retrieved 19 January 2024.
  14. "Major buy- and sell-side institutions propose own user-governed consolidated tape for equities - The TRADE". www.thetradenews.com. Retrieved 19 January 2024.
  15. "Supervisory Board • EuroCTP". EuroCTP. Retrieved 19 January 2024.
  16. "EU CTP by European exchanges • EuroCTP". EuroCTP. Retrieved 19 January 2024.