As part of the review of the MiFIR-MiFID legislative package (see EUROPE 13329/15, 13355/25), a Delegated Regulation specifying the financing of the supervision of Data Reporting Services Providers by the European Securities and Markets Authority (ESMA) was published on Tuesday 2 September in the Official Journal of the European Union.
This European Commission ‘technical act’ sets the approval and supervision fees applicable to Approved Publication Arrangements, Approved Reporting Mechanisms and future Consolidated Tape Providers (CTPs).
The latter will be responsible for aggregating and publishing market data at European level in separate “consolidated tapes” for each major asset class (equities and exchange-traded funds, bonds or derivatives). Each will constitute a single, comprehensive flow of information on financial transactions in the EU.
The aim is to give investors, companies and regulators a clear, centralised view of the market.
To finance ESMA’s supervision of these future CTPs and ensure the reliability of the data published, the delegated regulation provides for a transitional system of annual flat-rate fees of €400,000, before moving to a system of contributions proportional to turnover.
The delegated regulation will enter into force twenty days after its publication, on 22 September.
To see the Delegated Regulation in the Official Journal of the EU: https://aeur.eu/f/i8l
Status of the selection process for future CTPs. Six months after launching its call for applications, ESMA had announced on Thursday 3 July that it had selected the fairCT initiative, launched by the London-based financial technology company Ediphy - which specialises in fixed-income securities - to develop a consolidated tape of information for bond markets.
With regard to equities and exchange-traded funds (ETFs), ESMA had launched a call for tenders on 20 June, with a deadline for applications of 25 July. A selection is scheduled for the end of the year.
According to concordant sources, the EuroCTP Joint Venture, which brings together some fifteen European exchanges, currently dominates the selection phase on its own. When contacted by Agence Europe, ESMA declined to comment, citing the confidentiality of the ongoing process.
The CTP selection procedure for OTC derivatives is expected to be launched in early 2026. (Original version in French by Bernard Denuit)