ESMA has released a set of questions and answers (Q&A) to clarify the onboarding process for data contributors to the EU Consolidated Tapes (CTs) and the operational rules for Consolidated Tape Providers (CTPs). The documents aim to give market participants certainty before the launch of the CTs for bonds and equities. The Q&A are available on ESMA’s online tool. ESMA reminds that trading venues and authorised publication arrangements must submit data to the CTPs once the CTs go live, and it expects contributors to work with the selected CTPs before formal authorisation, agreeing on transmission protocols and conducting connectivity and end‑to‑end testing. CTPs must safeguard confidentiality and integrity of data during the preparatory phase. In 2025, ESMA selected fairCT for the bonds CT and EuroCTP for the equities CT; both authorisations are ongoing. Derivatives CT selection began in January 2026, with an expected announcement of the chosen candidate by July 2026.
© European Securities and Markets Authority (ESMA).
Summary adapted from ESMA materials available at https://www.esma.europa.eu .
This document has been drafted using material downloaded from ESMA’s website.
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