Recital 26

(26) The purpose of the selection procedure is to award the right to operate a consolidated tape for a period of five years. The selection procedure is subject to the rules laid down in Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council (10). ESMA should, for all classes, select a candidate on the basis of its technical abilities to operate a consolidated tape, including its ability to ensure business continuity and resilience, as well as its ability to use modern interface technologies, the organisation of its management and decision-making processes, its methods for ensuring data quality, the costs required for developing and operating a consolidated tape, the simplicity of the licences that users have to enter into in order to receive the core market data and regulatory data, including the number of types of licensing for various use cases or users, the level of fees charged to users and its processes for mitigating energy consumption. Specifically for the CTP for bonds, when selecting a CTP, ESMA should take into account the existence of fair and equitable arrangements for revenue redistribution. It is appropriate for such arrangements to acknowledge the role that small trading venues play in providing undertakings with the opportunity to issue debt to finance their activities. For shares and ETFs, CTPs should display the European best bid and offer, with no dissemination of the market identifier code of the venue. By 30 June 2026, the Commission should make an assessment of that level of pre-trade information for the functioning and competitiveness of Union markets and should, where appropriate, accompany that assessment with a legislative proposal on the design of the consolidated tape.

← Recital 25 · All articles · Recital 27 →

Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.