MiFIR review: ESMA consults on Consolidated Tape Providers and their selection

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is inviting comments on draft technical standards related to Consolidated Tape Providers (CTPs), other data reporting service providers (DRSPs) and the assessment criteria for the CTP selection procedure under the Markets in Financial Instruments Regulation (MiFIR).

In the consultation ESMA is seeking input on the following topics:

Proposed rules on input and output data, covering reporting instructions and data quality requirements for all CTPs and data contributors;
Draft rules for the methodology for the equity CTP to redistribute revenue to data contributors and the criteria to suspend such redistribution;
Clock synchronisation requirements for Systematic Internalisers (SIs) and DRSPs, in addition to trading venues operators and their members;
The authorisation and organisational requirements for Authorised Publication Arrangements (APAs) and Approved Reporting Mechanisms (ARMs);
New rules for the authorisation of CTPs; and
Initial reflections on the assessment of CTP applicants.
The proposed draft technical standards (TS) are developed in the context of the review of MiFIR and will contribute to enhancing market transparency and removing the obstacles that have prevented the emergence of consolidated tapes (CT) in the European Union.

Further information on the MiFID II /MiFIR review and the upcoming consultation process can be found on the dedicated webpage. Regular updates on the CTP selection are also published on ESMA’s website.

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