A previous version of this article incorrectly stated that Big xyt had a deficit of £10 million. The correct figure for the deficit is £10,000.
Market analytics provider Big xyt has withdrawn its bid to become the European Consolidated Tape Provider (CTP) for Equities and ETFs, citing insufficient financial support after extensive consultations with stakeholders.
The company announced on 25 June its decision to exit the bidding process just two weeks after entering. CEO Robin Mess explained that big xyt joined late due to industry concerns around competition, governance, and data quality. Despite recognising strong support for an independent European tape, Mess said, “this vision requires strong, coordinated support across market participants, which could not be secured at this time.”
Big xyt informed ESMA of its withdrawal, effective immediately. The company will continue providing its own market analytics and data services globally.
Big xyt last filed accounts at UK’s Companies House for the year ending 31 December 2024, showed the company had a balance sheet deficit of £10,000. The company announced in November it had raised a further £10 million from Finch Capital.
Read more: big xyt issues last-minute challenge to EuroCTP
