EuroCTP

Yesterday marked a crucial milestone in the development of a consolidated tape for Europe, as the first set of European Securities and Markets Authority (ESMA) consultations draws to a close. The consultations were very comprehensive and covered a large number of topics. The feedback from the industry is critical to inform ESMA’s approach to the drafting of the Regulatory Technical Standards and the Consolidated Tape Provider selection process, these in turn will help shape the requirements a successful consolidated tape provider will have to meet. EuroCTP was happy to do its part, leveraging its team's expertise and the outcome of the numerous interactions with market participants and its Advisory Committee in the past months. We believe that our approach is consistent with ESMA's proposals regarding governance and the need to involve the data users and providers in the CTP’s key operational decisions. ESMA has proposed an innovative approach towards rewarding the smaller exchanges contributing to the consolidated tape. EuroCTP is convinced that this will greatly contribute towards securing a broad European CT coverage and thus strengthening the CMU. Concerning the all-important prescribed technologies, EuroCTP has notably proposed that ESMA offer a choice of protocols to fit on one hand, a machine to machine use case, and on the other hand a human readable/easily accessible use case, in order to ensure that the CT can be delivered to all market participants in a fit for purpose format. We look forward to the next steps in this process and continuing the dialogue with ESMA.   #ESMA #MiFIR #europeanmarkets #consolidatedtape

We are pleased to announce the creation of our new Advisory Committee. This independent governance body is dedicated to ensuring that the diverse interests and needs of our stakeholders are represented in shaping the future of our tape services. Comprising esteemed industry leaders, academics, and associations, this committee will provide invaluable insights and guidance as we continue to innovate and grow. Please join us in welcoming the members of our Advisory Committee representing the diversity of the CT stakeholders: Christiane Baumgarten (Deutsche Börse), Eric Böss (Allianz), Emil Framnes (Norges Bank), Jessica Horsfall (Bloomberg), Bogumił Jeżewski (XTB), Niels Lemmers (Flow Traders), Albert J. Menkveld (Vrije Universiteit Amsterdam), Martin Molko (Better Finance), Petr Musil (Wood & Co). Additional members are expected to join in the coming period. Their combined experience and expertise will be crucial in creating the optimal European consolidated tape, propelling our strategic initiatives forward. We are thrilled to collaborate with such a distinguished team and look forward to the positive impact of their contributions ! #consolidatedtape #AdvisoryCommittee

@EuroCTP is pleased to have been selected to join the @European Commission’s market data expert group, which met for the first time last week.   As stakeholders mobilise for the development of a European Consolidated Tape, this group will advise the Commission and ESMA on the quality and substance of market data and transmission protocols. This group will also guide cooperation between data users, data contributors and the consolidated tape provider, ensuring the quality and timeliness of data for the consolidated tape's operation.   At EuroCTP, we firmly believe in the power of robust dialogue to deliver excellence. This expert group provides the perfect forum for where experts can share ideas and practical views, ensuring the continuous implementation and refinement of this ambitious European project for the long term.   We are thrilled to be collaborating with stakeholders and peers !   #EUfinance #consolidatedtape

We're thrilled to announce that EuroCTP has successfully completed its first wave of hiring! Please join us in welcoming our four new team members: Alicia Suminski, Nikolay Levashko, Mike Bournes and Sahib Multani.    ➡Alicia joins our team as Principal Product Manager and brings nearly 20 years of experience in exchanges across the EU, UK and the US, combined with a rich background as a broker. She has deep expertise in market infrastructure and regulation and led the development of many retail-focused market models. She will play a pivotal role in driving and executing the development of EuroCTP’s consolidated tape across all European equity exchanges.    ➡ Nikolay joins us as our Infrastructure and Solutions Architect, playing a pivotal role in developing and coordinating a comprehensive and scalable infrastructure for EuroCTP. With over 20 years of experience in designing and building cutting-edge platforms, particularly on the sell-side, he brings extensive expertise in low latency infrastructures.   ➡In his new role as Business development manager, Mike will oversee our contractual relationships with data contributors and vendors, serve as our key interface with various stakeholders, and play a crucial role in designing our commercial offerings. Mike brings extensive experience with market data from his work at various exchanges.    ➡As our new Technical Business Analyst, Sahib will ensure that EuroCTP’s technical offering align with both regulations and market best practices. With close to 10 years of experience in buy-side and sell-side, he brings deep knowledge in key messaging protocols as well as on data processing automation systems.   Their extensive experience and expertise across the financial ecosystem will drive our growth and commitment to delivering a consolidated tape (CT) for equities and ETFs. This CT will fully comply with regulations and meet the needs of investors and stakeholders.   Welcome to the team, Alicia, Mike, Sahib and Nikolay! We are excited to achieve great things together at EuroCTP.    #NewHires #consolidatedtape  

Just yesterday, ESMA launched its consultation on the Consolidated Tape provider selection criteria and the associated technical standards. These criteria will define the framework for the selection of the providers of all three Consolidated Tapes foreseen under MiFIR.   We welcome ESMA’s consultation as the next step in the process to establish a transparent and efficient selection procedure for the Consolidated Tape providers. We are reviewing the consultation package and preparing our response.   EuroCTP’s objective is to provide the best solution for a real-time pre- and post-trade consolidated tape on Equities and ETFs. We view a well-functioning, fit-for-purpose consolidated tape as essential for strengthening the Capital Markets Union. As a European company we are proud supporters of the European project and firmly believe that our solution will strengthen the EU’s Single Market and meet the needs of EU investors best.   #ESMA #MiFIR #europeanmarkets #consolidatedtape

We are thrilled to announce our support for the upcoming BETTER FINANCE - European Federation of Investors and Financial Services Users event designed to foster knowledge sharing within the local and European investment communities. This initiative represents a fantastic opportunity to connect, engage, and grow our understanding of the investment landscape in this Baltics. We are looking forward to seeing you there! #InvestmentCommunity #Retailinvestment

Today is an important day for Europe and the development of a European financial market. With the entry into force of the revised Markets in Financial Instruments Regulation (MiFIR), Europe is taking a big step towards the goals set by the Capital Markets Union (CMU) The new rules will improve investor access to market data and support the competitiveness of European financial centres. Although this milestone may appear technical at first glance, it is important for all of us. Why is that? Entry into force starts the clock on the design and implementation of the three consolidate tapes foreseen under MiFIR. These will include one for bonds, one for equities and ETFs and one for derivatives. Each is due to go live progressively by 2026. Why is the consolidated tape important? There are currently hundreds of platforms where shares can be negotiated in Europe. While this creates competition, it also leads to complexity for investors who cannot easily obtain an accurate view of the market for a given instrument. The consolidated tapes will address these issues by gathering this information in one place and making it available to investors. EuroCTP is committed to engaging with stakeholders to design a consolidated tape for equities and EFTs which suits investors’ needs, in full alignment with the EU’s broader objective of boosting the European economy. #europeanmarkets #consolidatedtape

On Thursday of last week, European Securities and Markets Authority (ESMA) organized the first workshop on the consolidated tape to gather the tape’s different candidates. EuroCTP attended the workshop and confirmed our intention to participate in the tender on Equities and ETFs that is expected to take place starting in late Q2 2025. The MiFIR review that includes the expected implementation of consolidated tapes for bonds, equities & ETFs and derivatives, will enter into force by April 2024. It will be shortly followed by the start of ESMA public consultation. A second workshop dedicated to all market participants will take place on 14 March and registration is open until 1 March. Overall, this represents a great opportunity for the market community to voice expectations for the future tape, and EuroCTP is thrilled to participate.

Last week, we joined the FIX Trading Community, the non-profit industry-driven standards body at the heart of global trading. Through this collaboration, we are excited to work hand-in-hand with all the members of the FIX Community to develop the standards which shape our industry. Understanding stakeholders' needs and working with them to define fit-to-purpose solutions is essential. We look forward to contributing to a stronger European capital markets ecosystem. #FIXtrading #FIXtradingCommunity #capitalmarkets

At EuroCTP, we welcome today’s adoption by the European Parliament of the revised #MiFIR and #MiFIDII, a specified framework designed to enhance market data transparency and accessibility. We are committed and ready to make our contribution to foster the Capital Markets Union by providing an Equities and ETFs consolidated tape in the EU, for the benefit of all investors. While European Securities and Markets Authority (ESMA) defines the technical standards, EuroCTP is actively engaging with all stakeholders and future users of the consolidated tape to make sure that our functional, technical, and commercial offering match their needs while complying with regulation.