EuroCTP


EuroCTP
B.V. is a joint venture of 15 bourses, that on 19 December 2025 was selected by the European Securities and Markets Authority to provide the first consolidated tape for equities in the European Union for a period of five years, under the Markets in Financial Instruments Directive. This forms part of the European Commission's Capital Markets Union.
For comparison, a similar electronic service, the Consolidated Tape System, has been in place in the United States since 1976. Following Brexit, the United Kingdom's Financial Conduct Authority has tabled a CT reform similar to the EU's.

History

Background

In the EU, financial markets are highly fragmented, with trading occurring across multiple exchanges and alternative trading venues. This makes it difficult for investors to get a clear picture of market activity, particularly in real-time. The EU had been lagging behind the US in this regard, where consolidated tapes have been available for equities since the 1970s.
Bourses had initially signalled reluctance towards the Commission's CT plans.

2023-2025: Inception and selection

On 16 February 2023, EuroCTP was announced.
On 23 August 2023, EuroCTP was incorporated, and the chair of its supervisory board, Jorge Yzaguirre Scharfhausen, was announced.
On 5 December 2023, the leadership of EuroCTP was announced.
ESMA tender competitors included:
On 19 December 2025, EuroCTP was selected by ESMA to provide the EU’s first CTP for equities for a period of five years.

2026-present: Launch

Organisation

Management

  • Eglantine Desautel
  • Timo Pentner

    Supervisory board

The shareholders are represented in the supervisory board of EuroCTP by:
  • Frank Hoba
  • Emilie Rieupeyroux
  • Nikolaj Kosakewitsch
  • Jorge Yzaguirre Scharfhausen
  • Matthias Szabo
  • Manyu Moravenov

    Founding bourses

EuroCTP is a joint venture of the following 14 bourses, which operate regulated markets in all 27 member states of the European Union, as well as European Free Trade Association members Switzerland, Norway and Iceland :
  • Bratislava Stock Exchange
  • Bucharest Stock Exchange
  • Budapest Stock Exchange
  • Bulgarian Stock Exchange
  • Cyprus Stock Exchange
  • Deutsche Boerse
  • Euronext
  • Ljubljana Stock Exchange
  • Luxembourg Stock Exchange
  • Malta Stock Exchange
  • Nasdaq Nordic
  • SIX
  • Warsaw Stock Exchange
  • Vienna Stock Exchange