Amsterdam, Netherlands

Transparent Markets Europe Selected as EU Consolidated Tape Provider for OTC Derivatives

07 July 2026

ESMA awards mandate to non-profit market utility backed by founding members spanning buy-side, infrastructure and data.

Transparent Markets Europe (TME) has been selected by the European Securities and Markets Authority (ESMA) as the Consolidated Tape Provider (CTP) for OTC Derivatives in the EU. The award, following a competitive tender process launched in January 2026, grants TME the mandate to operate the consolidated tape, subject to formal authorisation by ESMA.

The tape will enhance transparency and price discovery across EU OTC derivatives markets, directly supporting the EU's Savings and Investments Union, which depends on well-functioning capital markets to channel investment efficiently across the bloc. The industry-led initiative will operate on a cost-recovery basis and will be established as a single-purpose market utility.

Founding Members, including the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), Etrading Software (ETS) and PGGM, have backed the TME model in recognition of the value an independent, not-for-profit consolidated tape can bring to the EU OTC derivatives market.

Being awarded the mandate means we can start to deliver the EU's OTC Derivatives Consolidated Tape as a true market utility. With TME being owned by an independent not for-profit foundation, the CTP will answer to the market rather than to shareholders. We are building the service hand in hand with the firms that will contribute and use it, supported by ETS as our technology partner. Now comes the part that counts: timely delivery and execution to the standard the market deserves.

Matthijs Geneste, CEO Designate at Transparent Markets Europe B.V.

Proven infrastructure

TME's consolidated tape will be built on the production infrastructure developed and operated by Etrading Software for the UK bond Consolidated Tape (CT), which went live on 22 June 2026. That infrastructure has been validated at scale in a live market environment, demonstrating the resilience, data quality controls and operational capability required to deliver a regulated tape from day one.

Etrading Software brings delivery certainty to TME. By combining a proven production platform with the practical experience of delivering the UK bond CT on time and within budget, we have significantly reduced implementation risk from day one. That allows TME to focus on what matters most: working with ESMA, data contributors and the wider market to deliver a high-quality consolidated tape that supports the EU's transparency objectives.

Sassan Danesh, CEO at Etrading Software

A shared vision for the market

The DSB is pleased to support TME as it reflects the principles that have underpinned the DSB since its inception: independence, industry governance, transparency and operation on a cost-recovery basis. The OTC derivatives consolidated tape has the potential to become an important piece of European market infrastructure, enhancing transparency while serving the interests of the market as a whole. We look forward to contributing our expertise in standards and data governance to help ensure its long-term success.

Emma Kalliomaki, Managing Director at the Derivatives Service Bureau (DSB)

PGGM attaches great importance to transparency as a cornerstone of well-functioning financial markets. By contributing to the Consolidated Tape for OTC Derivatives, we seek to support a more transparent and accessible Fixed Income market, thereby strengthening market insight and serving the broader public interest.

Jan-Theo Varkevisser, Fixed Income Trading at PGGM Investments

In a world of constantly shifting derivative prices and round-the-clock markets, a consolidated post-trade view of transaction prices and volumes provides a comprehensive window on financial market reality. The OTC derivatives consolidated tape will help determine whether asset managers seize opportunities—or miss them.

Rudolf Siebel, Managing Director of German Investment Funds Association BVI

Next steps

As a matter of priority, TME will now commence the ESMA authorisation process. In parallel, TME will engage data contributors to confirm connectivity, data formats and quality requirements against a clear delivery schedule, while setting out access arrangements, output data specifications and license models for users. TME will also convene a Consultative Committee inviting data contributors, users and other market stakeholders to provide structured input on fees, governance and service design.

These steps share the single objective to deliver a high-quality consolidated tape following the implementation of the amended MiFIR OTC derivatives transparency regime, which is expected to apply from 1 March 2027. The service is expected to go live by late June 2027.

Transparent Markets Europe (TME) is an industry-led initiative established to operate the EU OTC Derivatives Consolidated Tape. TME is designed as a neutral, non-profit market utility, owned by a single-purpose Dutch foundation operating on a cost-recovery basis, with governance arrangements intended to ensure independence and operational integrity.

For more information, please visit transparentmarkets.eu

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