Consolidated Tape Timeline
Bond market fragmentation and the resulting opacity have prompted regulatory bodies in Europe to take decisive action. In January 2024 the European Parliament ratified an October 2023 preliminary agreement that envisages a single CTP for each of the three asset classes (Bonds, Equities and ETFs, and Derivatives).
The pre-tender phase included the so-called Level 1, i.e. the legislation adopted by the European Parliament in the form of a revised MiFIR (Markets in Financial Instruments Regulation) and MiFID II (Second Markets in Financial Instruments Directive), and the relative Level 2, i.e. the regulatory standards set by ESMA (European Securities and Markets Authority) to deliver the objectives set out in Level 1.
ESMA proactively invited financial market stakeholders to a number of consultations during 2024 (MiFIR Review Consultation packages on CTPs, DRSPs, Reasonable Commercial Basis, non-equity transparency, reference data).
On 3 July 2025, ESMA confirmed Ediphy (fairCT) as the winner of the tender process to become the Consolidated Tape Provider for Bonds in the European Union.
Consultation
Consultation paper published in May 2024.
Policy Statement
ESMA issues level 2 text.
Tender Process
Selection criteria submissions deadline 7 Feb 2025.
Provider Selected
Preferred CTP confirmed in early July 2025.
CTP Operational
Planned launch subject to authorisation.