Etrading Software (ETS) today announces the launch of Transparent Markets Europe (“TME”), a newly formed, Dutch not-for-profit organisation established to submit a bid for the forthcoming EU OTC Derivatives Consolidated Tape Provider (CTP) mandate under the MiFIR framework.
Designed as a neutral, public-interest market utility, TME will operate on an open-access, cost-recovery basis, delivering a high-quality and resilient consolidated tape to strengthen transparency and efficiency across Europe’s OTC derivatives markets, in support of the EU’s Savings and Investments Union (SIU) objectives.
EU-based utility model
TME will be headquartered in Amsterdam as a non-profit foundation with no shareholders or equity, dedicated to delivering the EU OTC Derivatives Consolidated Tape. ETS will provide the underlying technology and operational infrastructure.
Public-interest, regulatory-aligned model
Today’s EU derivatives transparency landscape remains fragmented across multiple venues and APAs, creating material challenges for market participants. TME aims to address these gaps by delivering a single, authoritative record of EU OTC derivatives post-trade data. Its sole focus is the provision of a high-quality core service: accurate, complete and timely consolidated transparency data.
Core objectives of the TME OTC Derivatives Tape
- A single, authoritative consolidated record of EU OTC derivatives post-trade data
- Common data standards and enhanced data quality controls
- Resilient and scalable infrastructure
- Reasonable, transparent pricing based on cost-recovery principles
The revised MiFIR framework presents a once-in-a-generation opportunity to transform OTC derivatives transparency in Europe. TME has been designed from the outset as an independent, collaborative, public-interest utility with strong governance and a clear cost-recovery philosophy. We look forward to working with partners across the market as we prepare for the ESMA tender.
Matthijs Geneste, CEO-designate of TME
Open call for participation
The aim of TME is to promote transparent, cost-effective and high-quality market-data infrastructure across Europe. ETS is engaging with market participants across the value chain and invites data contributors, users and redistributors to contribute their expertise to the governance, design and operation of the OTC Derivatives Consolidated Tape as the TME initiative develops. Organisations that are interested in contributing to the governance, design or build of the OTC Derivatives Consolidated Tape are welcome to join the TME initiative.
Etrading Software is a financial technology company providing robust, transparent and cost-effective market infrastructure solutions. The firm specialises in the design and operation of mission-critical platforms across asset classes, supporting global regulatory initiatives and industry collaboration.
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