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EU financial services update: consolidated tape, securitisation revamp, digital euro and cash, ECB fast-tracks, ESMA Q&As, retail investor reforms, and UK data adequacy renewal

Published on: 19 December 2025

Published by a LexisNexis EU Law expert
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EU financial services developments

ESMA selects EuroCTP as first CTP for shares and ETFs

The European Securities and Markets Authority (ESMA) has chosen EuroCTP to serve as the EU’s first consolidated tape provider (CTP) for shares and exchange-traded funds (ETFs), following a competitive evaluation under the Markets in Financial Instruments Regulation (MiFIR). ESMA confirmed that EuroCTP’s submission satisfied the technical and operational criteria. The authority will now invite EuroCTP to seek authorisation, after which it may run the consolidated tape for a five-year term.

ESMA says the creation of a consolidated tape is intended to bolster market transparency, sharpen price discovery, and reduce data fragmentation across EU equity markets. The tape will deliver a continuous electronic data stream with both pre- and post-trade information from trading venues and other data contributors. ESMA described the selection as a notable milestone for EU capital markets and for the broader Savings and Investment Union initiative...

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