EuroCTP

EuroCTP B.V.

EuroCTP's registered office, co-located with Euronext, at Beursplein 5, Amsterdam.[1]

Type| Joint venture
Industry| Financial services
Founded| 23 August 2023; 2 years ago (2023-08-23)
Headquarters| Beursplein 5
Amsterdam, Netherlands

Key people

| Eglantine Desautel (CEO)[2]
Timo Pentner (CTO)
Products| Consolidated tape (CT) for the European Union (prospective)
Owners|

* Bucharest Stock Exchange
* Budapest Stock Exchange
* Bulgarian Stock Exchange
* Cyprus Stock Exchange
* Deutsche Boerse
* Euronext
* Ljubljana Stock Exchange
* Luxembourg Stock Exchange
* Malta Stock Exchange
* Nasdaq Nordic
* SIX
* Warsaw Stock Exchange
* Vienna Stock Exchange

Website| {{{1}}}

EuroCTP (European Consolidated Tape Provider) B.V.[3] is a joint venture of 15 bourses,[4][5] that on 19 December 2025 was selected by the European Securities and Markets Authority (ESMA) to provide the first consolidated tape (CT) for equities (shares and ETFs) in the European Union (EU) for a period of five years, under the Markets in Financial Instruments Directive (MiFIR).[6][7] This forms part of the European Commission's Capital Markets Union.[8]

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.[9]

## Contents

* 1 History
* 1.1 Background
* 1.2 2023-2025: Inception and selection
* 1.3 2026-present: Launch
* 2 Organisation
* 2.1 Management
* 2.2 Supervisory board
* 2.3 Founding bourses
* 3 See also
* 4 References
* 5 External links

## 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 had been lagging behind the US in this regard, where consolidated tapes have been available for equities since the 1970s.

Bourses had initially signalled reluctance towards the Commission's CT plans.[10]

### 2023-2025: Inception and selection

On 16 February 2023, EuroCTP was announced.[11]

On 23 August 2023, EuroCTP was incorporated, and the chair of its supervisory board, Jorge Yzaguirre Scharfhausen, was announced.[7]

On 5 December 2023, the leadership of EuroCTP was announced.[2]

ESMA tender competitors included:

* Jointly: Bloomberg, MarketAxess and Tradeweb.[12] They pulled out of the competition in December 2023.[13]
* Jointly: Barclays, Credit Agricole, Societe Generale, UniCredit and BlackRock[14][15]
* Jointly: Cboe Global Markets and Aquis Exchange.[16]

On 19 December 2025, EuroCTP was selected by ESMA to provide the EU’s first CTP for equities (shares and ETFs) for a period of five years.[17]

### 2026-present: Launch

## Organisation

### Management

* Eglantine Desautel (CEO)[2]
* Timo Pentner (CTO)

### Supervisory board

The shareholders are represented in the supervisory board of EuroCTP by:[18]

* Frank Hoba (Deutsche Boerse)
* Emilie Rieupeyroux (Euronext)
* Nikolaj Kosakewitsch (Nasdaq)
* Jorge Yzaguirre Scharfhausen (SIX)
* Matthias Szabo (Vienna Stock Exchange)
* Manyu Moravenov (Bulgarian Stock Exchange)

### Founding bourses

EuroCTP is a joint venture of the following 14 bourses, which operate regulated markets in all 27 member states[19] 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]

* Bratislava Stock Exchange
* Bucharest Stock Exchange
* Budapest Stock Exchange
* Bulgarian Stock Exchange
* Cyprus Stock Exchange
* Deutsche Boerse
* Euronext
* Ljubljana Stock Exchange
* Luxembourg Stock Exchange
* Malta Stock Exchange
* Nasdaq Nordic
* SIX
* Warsaw Stock Exchange
* Vienna Stock Exchange

## See also

* Economy of the European Union
* European Securities and Markets Authority
* European Supervisory Authorities
* European Banking Authority
* List of European stock exchanges
* Banking Union
* MiFid II
* Capital Markets Union
* European Insurance and Occupational Pensions Authority
* Consolidated Tape System
* Securities Information Processor
* Market data
* National market system plan
* Ticker tape

## References

1. ↑ "Editorial information • EuroCTP". https://www.euroctp.eu/editorial-information/. Retrieved 19 January 2024.
2. ↑ 2.0 2.1 2.2 "Former Euronext market services and digital head appointed to head up EuroCTP efforts - The TRADE". https://www.thetradenews.com/former-euronext-market-services-and-digital-head-appointed-to-head-up-euroctp-efforts/. Retrieved 19 January 2024.
3. ↑ "Consolidated Tape Providers". https://www.esma.europa.eu/esmas-activities/markets-and-infrastructure/consolidated-tape-providers. Retrieved 19 January 2024.
4. ↑ 4.0 4.1 "European exchanges launch JV for CTP tender - The TRADE". https://www.thetradenews.com/european-exchanges-launch-jv-for-ctp-tender/. Retrieved 19 January 2024.
5. ↑ Chan, Jeremy. "Deutsche Börse, Euronext, SIX back new bid to run EU's sole source of trading data". https://www.fnlondon.com/articles/eu-exchanges-join-forces-for-data-bid-20230912. Retrieved 19 January 2024.
6. ↑ https://www.esma.europa.eu/press-news/esma-news/esma-selects-euroctp-become-first-consolidated-tape-provider-shares-and-etfs
7. ↑ 7.0 7.1 Jones, Huw (12 September 2023). "European bourses want to offer pan-EU share price feed to investors". Reuters. https://www.reuters.com/markets/europe/european-bourses-want-offer-pan-eu-share-price-feed-investors-2023-09-12/.
8. ↑ "EU and UK regulators reveal updated plans for bond tape frameworks - The TRADE". https://www.thetradenews.com/eu-and-uk-regulators-reveal-updated-plans-for-bond-tape-frameworks/. Retrieved 19 January 2024.
9. ↑ Conchie, Charlie (5 July 2023). "FCA rips up trading tape in post-Brexit rules overhaul". https://www.cityam.com/city-regulator-rips-up-trading-tape-in-post-brexit-rules-overhaul/. Retrieved 19 January 2024.
10. ↑ "EU faces last-ditch challenge from exchanges over trading reforms". https://www.ft.com/content/745ac93f-b25e-4c4c-b09c-1db932c2b144. Retrieved 19 January 2024.
11. ↑ "Deutsche Börse Group - European exchanges collaborate for the provision of a consolidated tape in the European Union". https://www.deutsche-boerse.com/dbg-en/media/press-releases/European-exchanges-collaborate-for-the-provision-of-a-consolidated-tape-in-the-European-Union-3428666. Retrieved 19 January 2024.
12. ↑ "Bloomberg, MarketAxess and Tradeweb Explore EU Consolidated Tape for Fixed Income | Press | Bloomberg LP". https://www.bloomberg.com/company/press/consolidated-tape/. Retrieved 19 January 2024.
13. ↑ https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=226717&navigationaction=industrynews/
14. ↑ "This Week: Competition ramps up for EU equities tape, Tradeweb-Euroclear-IGM partnership, Nasdaq, and more - WatersTechnology.com". 14 April 2023. https://www.waterstechnology.com/emerging-technologies/7950820/this-week-competition-ramps-up-for-eu-equities-tape-tradeweb-euroclear-igm-partnership-nasdaq-and-more. Retrieved 19 January 2024.
15. ↑ "Major buy- and sell-side institutions propose own user-governed consolidated tape for equities - The TRADE". https://www.thetradenews.com/major-buy-and-sell-side-institutions-propose-own-user-governed-consolidated-tape-for-equities/. Retrieved 19 January 2024.
16. ↑ https://www.globaltrading.net/aquis-and-cboe-enter-the-ctp-ring/
17. ↑ https://www.esma.europa.eu/press-news/esma-news/esma-selects-euroctp-become-first-consolidated-tape-provider-shares-and-etfs
18. ↑ "Supervisory Board • EuroCTP". https://www.euroctp.eu/supervisory-board/. Retrieved 19 January 2024.
19. ↑ https://www.thetradenews.com/bratislava-stock-exchange-becomes-euroctps-sixteenth-shareholder/

## External links

* Official website
* Consolidated tape, European Commission

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