On 30 September 2024, the European Securities and Markets Authority (ESMA) published additional details on the selection of Consolidated Tapes Providers (CTPs) for bonds and for shares and Exchange-Traded Funds (ETFs).

Bonds CTP:

• ESMA will launch the selection procedure for the CTP for bonds on Friday 3 January 2025 (the first working day for EU Institutions after Sunday 29 December 2024, the date set out in Article 27da(1) of MiFIR).
• ESMA intends to adopt a reasoned decision on the selected applicant within 6 months of the launch, i.e. by early July 2025.

Shares and ETFs CTP:

• ESMA will launch the selection procedure for the CTP for shares and ETFs in June 2025. 
• ESMA intends to adopt a reasoned decision on the selected applicant within 6 months of the launch, i.e. by December 2025.

Each selection procedure will be launched with the publication of a contract notice and procurement documents on the EU Funding & Tenders Portal. In the coming weeks, ESMA intends to share additional guidance on the assessment of exclusion criteria.

In December 2024, prior to the launch of the first selection procedure, ESMA will publish a feedback statement on its MiFIR Review 'Level 2' consultation paper on draft technical standards related to the CTPs and on the specifications of the assessment criteria for the CTP selection procedure, including the final draft technical standards that will be submitted to the European Commission for adoption. AIMA's response to the consultation can be accessed here.

If you have any questions on the EU's MiFIR/ MiFID II Review, please contact Aniqah Rao.