Consolidated Tape Onboarding Q&As Published
Summary
ESMA published Questions and Answers clarifying onboarding expectations for EU Consolidated Tapes ahead of go-live for bonds and equities. The guidance addresses data contributor obligations for trading venues and APAs, and operational rules for Consolidated Tape Providers fairCT (bonds) and EuroCTP (equities). ESMA expects data contributors to engage with selected CTPs before formal authorization to ensure transmission readiness.
What changed
ESMA has published Q&As on Consolidated Tape onboarding, clarifying expectations for data contributors (trading venues and APAs) and operational rules for selected Consolidated Tape Providers. The guidance specifies that data contributors have legal obligations to contribute data to CTPs from go-live, and ESMA expects pre-authorization engagement including agreement on transmission protocols and connectivity testing. fairCT and EuroCTP have been selected as providers for bonds and equities CTs respectively, with authorization processes ongoing.
Trading venues and APAs should engage proactively with selected CTPs to establish data transmission arrangements before go-live. Conduct end-to-end testing and agree on relevant protocols during the preparatory phase. No specific compliance deadline is stated; actions are required ahead of the CT go-live dates for bonds and equities.
What to do next
- Engage with selected CTPs (fairCT for bonds, EuroCTP for equities) ahead of their formal authorization
- Agree on relevant data transmission protocols with CTPs
- Conduct connectivity and end-to-end testing to ensure readiness before CT go-live
Source document (simplified)
ESMA clarifies expectations in the run-up to the launch of EU’s Consolidated Tapes
Market data Trading 01/04/2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published Questions and Answers (Q&As) on the onboarding of data contributors to the EU’s Consolidated Tapes (CTs), and on the operational rules for the Consolidated Tape Providers (CTPs). The goal is to increase certainty for all market participants in anticipation of the go-live of the EU’s CTs for bonds and for equities.
The Q&As are available via ESMA’s online Q&A tool.
In collaboration with National Competent Authorities, ESMA reminds that trading venues and Authorised Publication Arrangements have the legal obligation to contribute data to the CTPs from the CTs’ go‑live.
In this context, ESMA expects the relevant data contributors to engage with the selected CTPs ahead of their formal authorisation, to ensure that the data transmission setup is in place before the CTs’ go‑live. This cooperation may include agreeing on the relevant transmission protocols and conducting connectivity and end‑to‑end testing.
ESMA expects the selected CTPs to put appropriate arrangements in place to safeguard the confidentiality and integrity of information received during this preparatory phase.
Background
In 2025, ESMA selected fairCT as the provider of the EU’s bonds CT and EuroCTP as the provider of the equities CT. The authorisation processes for both CTPs are currently ongoing.
The selection procedure for the provider of the derivatives CT was launched in January 2026, and ESMA expects to announce the selected candidate by July 2026.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu
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