PARIS, April 1 — The European Securities and Markets Authority has issued guidance on how market participants should prepare for the launch of the European Union’s consolidated tapes, publishing Questions and Answers covering the onboarding of data contributors and operational expectations for Consolidated Tape Providers (CTPs), according to a statement.
The guidance is intended to increase certainty for trading venues, data publishers and CTP operators ahead of the go-live of consolidated tapes for equities and bonds.
Pre-launch operational expectations
ESMA said trading venues and Authorised Publication Arrangements are required to contribute data to consolidated tape providers once the tapes become operational.
The authority expects data contributors to engage with selected CTPs ahead of formal authorisation to ensure that data transmission arrangements are in place prior to go-live.
This preparatory work may include agreeing on transmission protocols, establishing connectivity and conducting end-to-end testing, ESMA said.
ESMA added that selected CTPs are expected to implement safeguards to ensure the confidentiality and integrity of information exchanged during the preparation phase.
Data contribution and coordination
The clarification, developed in coordination with national competent authorities, reinforces the requirement for in-scope entities to contribute data to the consolidated tape framework.
ESMA said early coordination between contributors and CTPs is necessary to support a smooth transition to live operations.
The Questions and Answers are available through ESMA’s online Q&A tool and may be updated as implementation progresses.
Rollout timeline
The consolidated tape framework forms part of broader EU market structure reforms aimed at improving transparency and access to trading data across fragmented markets.
In 2025, ESMA selected fairCT as the provider for the bonds consolidated tape and EuroCTP as the provider for the equities consolidated tape. Authorisation processes for both providers are ongoing.
Separately, ESMA launched the selection procedure for a derivatives consolidated tape provider in January 2026 and said it expects to announce the selected candidate by July 2026.
