ESMA Establishes Framework for Consolidated Tape Providers under MiFIR

The Markets in Financial Instruments Regulation review aims at creating the conditions for establishing consolidated tape providers (CTPs) for bonds, equities (shares and ETFs) and OTC derivatives. To appoint those CTPs, ESMA is responsible for selecting the most suitable candidates on the basis of pre-defined criteria and subsequently authorising and supervising the CTPs. This section will be updated regularly with public information on the selection, the authorisation and the supervision of CTPs. The Markets in Financial Instruments Regulation (MiFIR) provides a legislative framework for consolidated tape providers (CTPs). Those CTPs will be responsible for collecting from trading venues and approved publication arrangements (APAs) market data about financial instruments and for consolidating such data per financial instrument into a continuous electronic live stream made available to the public. With the revised MiFIR now in force, ESMA is organising the first selection procedures to award to a single entity per asset class the right to operate a CTP for five years. A CTP will be authorised for each of the three asset classes: bonds, equity (shares and ETFs) and OTC derivatives (or relevant subclasses). The selection procedures are subject to the rules of Regulation (EU, Euratom) 2018/1046 on the financial rules applicable to the general budget of the Union, with calls for tenders launched on a public platform. Each selection procedure is expected to be finalised six months after its launch with a reasoned ESMA decision on the applicant deemed suitable for operating the consolidated tape. This entity will be invited to apply for authorisation without undue delay in a separate procedure. On 30 September 2024, ESMA published an announcement on the next steps for the selection of CTPs, including the launch date for the first selection of the bond CTP. On 25 November 2024, ESMA published further guidance on exclusion criteria for the selection of CTPs, including some of the documents required from applicants. In June 2025, the European Commission has adopted the technical standards for the establishment of EU CTPs. These technical standards were published in the Official Journal of the EU on 3 November 2025. On 10 July 2025, ESMA published the first list of data contributors to the equity Consolidated Tape Provider (CTP) . The list will be updated regularly. The selection procedure for the CTP for bonds was launched on 3 January 2025. On 3 July, ESMA announced that Ediphy (fairCT) has been selected as the applicant most suitable for operating the consolidated tape for bonds. The authorisation process is ongoing. The selection procedure for the CTP for equities (shares and ETFs) was launched on 20 June 2025. On 19 December, ESMA announced that EuroCTP has been selected as the applicant most suitable for operating the consolidated tape for equities (shares and ETFs). The CTP for OTC derivatives is expected to collect and disseminate data on OTC derivatives, as specified in Article 8a(2) of MiFIR. The selection procedure for the CTP for OTC derivatives was launched on 5 January 2026. On 6 July, ESMA announced that Etrading Software (Netherlands) B.V. has been selected as the applicant most suitable for operating the consolidated tape for OTC derivatives. Ahead of the launch of the respective selection procedures, ESMA is committed to engage in a regular dialogue with all relevant stakeholders, in strict respect of the principles of transparency and equal treatment between potential applicants. To this end, ESMA organised two online workshops on the CTP selection procedures and the specification of assessment criteria with potential CTP applicants and with a broader set of market participants, including future CTP users and data contributors in 2024. ESMA has organised an online public hearing on revised rules following the MiFIR review on Friday 28 June 2024. More information is available on this page . Furthermore, ESMA staff is