ESMA Q&As clarifying expectations ahead of the launch of the EU consolidated tapes

The European Securities and Markets Authority (ESMA) has published new Q&As on the onboarding of data contributors to the EU's consolidated tapes (CTs) and on the operational rules for consolidated tape providers (CTPs), as part of preparations for their launch. This follows ESMA's earlier selection of the first CTPs, including the appointment of fairCT as the CTP for bonds in July 2025 and EuroCTP as the CTP for equities. The authorisation processes are currently ongoing for both, while the selection process for the derivatives CTP remains underway, with an announcement expected by July. ESMA expects data contributors to engage with the selected CTPs ahead of formal authorisation to ensure operational readiness, including agreeing data transmission protocols and completing connectivity and end to end testing. CTPs are expected to put appropriate safeguards in place to protect the confidentiality and integrity of information received during the preparatory phase.

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