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EuroCTP, the company set up by European exchanges for the provision of a consolidated tape in the European Union, has been incorporated and elected a chair of the supervisory board

Autor: Financial Market
2 min

On 23 August 2023, EuroCTP B.V. has been established as a company that aims to tender as the European Union consolidated tape provider for equities and ETFs.

EuroCTP will have its own Board of Directors and all participating exchanges are represented in the supervisory board of the new company.

The shareholders of the new company have a clear commitment to implement this significant European capital markets project and are dedicated to the long-term success and prosperity of retail investors and market participants.

As operators of regulated markets, EuroCTP´s shareholders are the cornerstone of the European capital market, committed not only to maintaining, but to further strengthening its ecosystem.

On this occasion, Jorge Yzaguirre Scharfhausen, the newly elected chair of EuroCTP’s supervisory board declared: “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.

Furthermore, Jorge Yzaguirre Scharfhausen, states: “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.”

The organization aims to foster transparency and access to market data for all investors by providing a fully consolidated view of the European equity market.

Among its goals are:
• Create a CT offering a comprehensive, standardized 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.

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 they are committed to full financing for the development and implementation of the consolidated tape.

They are recognized specialists in supplying reliable and high-quality market data, combining decades of experience and expertise in operating critical market infrastructure.

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.