The EU consolidated tape for equities: From inception to reality
Abstract
This paper describes the search for a single data source on equity trading in the European Union (EU), which concluded at the end of 2025 with the selection of a consolidated tape provider (CTP) by the European Securities and Markets Authority (ESMA). The authors explain how the initial intention to spur market-driven innovation with a voluntary framework embedded in the second Markets in Financial Instruments Directive (MiFID II) from 2014 did not lead to the emergence of a CTP. Instead, the latest review of the Markets in Financial Instruments Regulation (MiFIR), concluded in 2024, opted for a binding selection procedure to appoint a single entity to operate the CTP for a period of five years. This paper then turns to how the evolution of ESMA’s role in establishing the CTP has evolved with this changed paradigm. Having shaped the building blocks of the equity transparency regime and of the equity CTP in technical standards, ESMA is now tasked with ensuring their convergent application, as part of the wider equity transparency rulebook. In running the selection procedure, ESMA has combined the criteria listed in MiFIR and the EU rules on public procurement in an unprecedented approach, striving for transparency and equal treatment between applicants. ESMA’s expertise in the European trading landscape will be leveraged for authorising and supervising the equity CTP. Finally, the authors outline how the CTP is poised to become a game-changer for EU equity markets, where data consolidation may prove even more decisive, due to a more fragmented market landscape in the EU compared to the US. Potential use cases range from increasing the visibility of European markets, remedying the fragmentation of markets and contributing to the creation of a genuine single market for equity trading in the EU, to deepening ex-post analysis of trading patterns to the ultimate benefit of all stakeholders, notably investors within as well as outside the EU. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Charlotte Sickermann has led the work on secondary markets within the European Securities and Markets Authority’s (ESMA) Markets and Digital Innovation Department since 2021, covering the Markets in Financial Instruments Directive (MiFID)/ Markets in Financial Instruments Regulation (MiFIR) provisions on transparency and market data, market structure and commodity derivatives, and coordinating the ESMA Consolidated Tape Provider (CTP) project for bonds, equity and overthe- counter (OTC) derivatives. She worked as a senior policy officer in secondary markets at ESMA from 2014–21, specialising in transparency and market data issues. Charlotte started her career at the German Bundesbank in 2007 focusing on financial stability in the non-bank sector. From 2011–14 she joined the European Commission as a national seconded expert working on financial services policy, in particular the Banking Union, the European System of Financial Supervision (ESRB and ESAs) and MiFID II/MiFIR.
Clement Luzeau supports the European Securities and Markets Authority’s (ESMA) work on secondary markets, as part of the Markets and Digital Innovation Department, notably focusing on market transparency and consolidated tapes. Prior to joining ESMA in 2022, he advised a Member of the European Parliament on economic and financial affairs and on EU–UK relations. Clement started his career in Brussels in 2014 in the representative office of the Luxembourg banking and asset management sectors, before evolving to a manager role in a public affairs consultancy specialising in financial and professional services.
