Former European Commission head of financial market infrastructure to lead industry input into the EU OTC derivatives consolidated tape
Transparent Markets Europe (TME), the market utility selected by the European Securities and Markets Authority (ESMA) to operate the EU consolidated tape for OTC derivatives, today announced that Patrick Pearson has accepted the role of Chair of its Consultative Committee.
The Consultative Committee brings together data contributors, users and redistributors of OTC derivatives data to advise TME on the design, data standards, data quality and pricing of the tape. It will hold its first meeting in December 2026 with its membership composition announced in due course.
Patrick Pearson spent more than three decades in the European Commission’s financial services directorate. Most recently he was head of financial market infrastructure, where he led the team that implemented the post-crisis reforms of the derivatives markets and regulated OTC derivatives, clearing and settlement. Before that he headed the Commission’s banking regulation team and was responsible for the Financial Services Action Plan, which laid the foundations of the EU single market for financial services. He began his career at the Dutch Ministry of Finance before joining the Commission in 1987.
Patrick Pearson, Chair of the Consultative Committee for TME, said: “The OTC derivatives tape is the final piece of a transparency agenda that began after the financial crisis. I am pleased to help ensure that the firms who contribute to and rely on the tape have a real voice in how it is built and run.”
Matthijs Geneste, Chief Executive Designate of TME, said: “Patrick brings unrivalled knowledge of how Europe’s derivatives markets and their regulation fit together. His leadership of the Consultative Committee will help us deliver a tape that serves the whole market.”
TME was selected by ESMA in July 2026 and is currently seeking authorisation from ESMA. It operates on a cost-recovery basis as an independent single-purpose market utility. Its tape will run on infrastructure developed and operated by Etrading Software. Go-live of the EU OTC derivatives tape is expected in June 2027.
Notes to editors
About Transparent Markets Europe
Transparent Markets Europe (TME) is the ESMA-selected market utility operating the EU OTC derivatives Consolidated Tape. T ME’s objective is to deliver a resilient, independent and operationally robust CT aligned with European regulatory standards. The Founding Members of TME include the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), Etrading Software, and PGGM Vermogensbeheer. Together, they bring a broad range of perspectives spanning institutional users, data vendors, and market infrastructure operators, reflecting the diversity of the EU OTC derivatives ecosystem.
About Etrading Software
Etrading Software operates as the Managed Service Provider (MSP) for Transparent Markets Europe. The organisation also supplies both the technology and business operations for ETS Connect UK, the UK bond Consolidated Tape.
Etrading Software is a data service and financial technology company focused on providing our clients with robust, transparent, and cost-effective market infrastructure solutions. The company specialises in the design and operation of mission-critical platforms across asset classes, supporting global regulatory initiatives and promoting industry-wide collaboration.
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