EU regulator launches five-year mandate for derivatives tape

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, announced the launch of the first selection procedure for a Consolidated Tape Provider for over-the-counter derivatives, aiming to enhance transparency and efficiency across European markets.

ESMA said entities interested in applying are encouraged to register and submit their requests to participate in the selection procedure by February 11, 2026.

The consolidated tape provider is intended to improve market transparency and efficiency by bringing together post-trade data from data contributors, including trading venues, into a single and continuous electronic data stream.

ESMA said this consolidated view of market activity will allow market participants to access accurate and timely information, supporting better-informed decision-making, more efficient price discovery and progress towards the Savings and Investment Union.

The authority said the consolidated tape provider will collect and disseminate data on over-the-counter derivatives in line with the proposals set out in its final report on transparency for derivatives.

ESMA said the contract notice and procurement documents for the selection procedure are available through the EU Funding and Tenders Portal.

As the next step, ESMA said it will assess submitted requests against the applicable exclusion and selection criteria before inviting successful candidates to submit a full application.

The authority said any questions raised during the application period will be answered through the EU Funding and Tenders Portal.

ESMA said it intends to adopt a reasoned decision on the selected applicant by early July 2026.

The successful applicant will be selected to operate the consolidated tape provider for over-the-counter derivatives for a period of five years, ESMA said.

Once selected, the provider will be invited to apply for authorisation with ESMA and, following authorisation, will be supervised by the authority, according to the announcement.

ESMA said further information on the process is available on its dedicated webpage.