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  • Technical standards on consolidated tape under MiFIR published in OJ
    3 November 2025
    Five technical standards supplementing the Markets in Financial Instruments Regulation enabling the creation of the consolidated tape have been published in the Official Journal of the European Union (OJ):
    • Commission Delegated Regulation (EU) 2025/1143 regarding regulatory technical standards (RTS) on the authorisation and organisational requirements for approved publication arrangements (APAs) and approved reporting mechanisms (ARMs), and on the authorisation requirements for consolidated tape providers, and repealing Commission Delegated Regulation (EU) 2017/571.
    • Commission Delegated Regulation (EU) 2025/1155 regarding RTS specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and exchange traded funds, and repealing Commission Delegated Regulation (EU) 2017/574 from 2 March 2026. Articles 11 to 16 will apply from 2 March 2026.
    • Commission Delegated Regulation (EU) 2025/1156 regarding RTS on the obligation to make market data available to the public on a reasonable commercial basis. For market operators and investment firms operating a trading venue, APAs and systematic internalisers which are authorised before 23 November 2025, this Delegated Regulation will apply from 23 August 2026.
    • Commission Implementing Regulation (EU) 2025/1157 laying down implementing technical standards regarding the standard forms, templates and procedures for the authorisation of APAs, ARMs and consolidated tape providers, and related notifications, and repealing Commission Implementing Regulation (EU) 2017/1110.
    • Commission Delegated Regulation (EU) 2025/1246 amending the RTS laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and equity instruments. Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) will apply from 2 March 2026.
    The Delegated Regulations will enter into force on the 20th day following their publication in the OJ which is 23 November.

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    Topics: Derivatives, MiFID II, Securities