EuroCTP, a company set up by European exchanges for the provision of a consolidated tape (CT) in the European Union, has been incorporated and elected a chair of the supervisory board
EuroCTP will act as the European Union’s consolidated tape provider for equities and ETFs and through its supervisory board, all participating exchanges are represented.
The organisation’s stated goals are to foster transparency and access to market data for all investors by providing a fully consolidated view of the European equity market. To achieve this, it will create a CT offering a comprehensive, standardised and consistent picture of the entire EU trading landscape for the benefit of all market participants; make available a well-governed, robust, and resilient CT in a cost-effective way, and in compliance with applicable laws and regulations.
Jorge Yzaguirre Scharfhausen, the newly elected chair of EuroCTP’s supervisory board said: “The initiative that has led to the creation of EuroCTP is a true representation of European capital markets and shows a broader range of interests than any other consolidated tape proposal, its aim is to strengthen the EU Capital Market Union. We are confident that we will be able to present the CEO of EuroCTP soon.
“We are proud to be the first European consolidated tape initiative for equities and ETFs to have established a company. We are now working on the best solution for the provision of a consolidated tape in the European Union.”
This announcement builds on the joint venture announced on the 16th of February this year by fourteen European exchanges in response to the European Commission’s proposal for an equities tape to contribute to the development of the Capital Markets Union. More recently, in June, a decision from the European institutions provided clarity on the legislative framework for a consolidated tape that aims to benefit all market participants.
The shareholders have been working on the initial initiative for more than a year and have already made significant investments, and are committed to full financing for the development and implementation of the consolidated tape.
The company will act with full autonomy to participate in the future selection process for the provision of a consolidated tape for equities and ETFs in the European Union.
More details to follow.
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