The European Commission has launched the consolidated tape provider (CTP) selection process for shares and ETFs.
In the running are EuroCTP and Big Xyt, which announced its entrance to the race in April.
READ MORE: big xyt issues last-minute challenge to EuroCTP
On the process, EuroCTP commented: “Having spent over 18 months designing and developing its core systems in close collaboration with all stakeholders, EuroCTP is confident that its bid will comprehensively meet all requirements outlined by ESMA as well as the expectations of industry.”
In April, the European Securities and Markets Authority (ESMA) clarified that CT data would not be required for the best execution quality assessment.
READ MORE: Consolidated Tape data won’t be mandatory for best execution quality assessment
This followed December 2024 details included in the regulatory technical standards, which outlined data, revenue redistribution and clock synchronisation guidelines.
READ MORE: Authorities hone CTP data standards in EU and UK
Big Xyt did not comment on the launch.
