London, UK – The European Securities and Markets Authority (ESMA) has selected Ediphy & fairCT as the first Consolidated Tape Provider (CTP) for bonds in the EU. The decision marks a significant step towards enhancing transparency and efficiency in European bond markets.
ESMA's Executive Director, Natasha Cazenave, stated, "With today’s decision, we are taking a decisive step towards setting up consolidated tapes in the EU. This step constitutes a key contribution to building the Savings and Investment Union (SIU) and to the further development of capital markets in Europe." She added that "Market participants will benefit from a consolidated view of market activity for bonds in the EU, with a variety of use cases to the benefit of all participants in the EU’s fixed income markets.”
Over the last six months, ESMA has assessed the applications received against the criteria listed in the Markets in Financial Instruments Regulation (MiFIR). ESMA has decided to select Ediphy’s fairCT initiative as it meets all the selection criteria and reached the highest overall score on the award criteria.
Coordinated by Ediphy, fairCT brings together a diverse group of companies committed to delivering the best possible consolidated tape for the benefit of all industry stakeholders. Participants include industry names such as Cboe Global Markets, FactSet, Google Cloud, Norges Bank Investment Management, TP ICAP and UBS.
Commenting on the selection, Chris Murphy, CEO of Ediphy, said, "We are thrilled to be selected by ESMA as the first consolidated tape provider for bonds through our fairCT initiative. This milestone reflects Ediphy’s commitment to enhancing transparency and efficiency in EU bond markets, aligning with the goals of the Savings and Investment Union. In collaboration with the market, fairCT will deliver a comprehensive view of bond transactions, empowering market participants with better price discovery and fostering market integrity. We are preparing for the authorisation process under ESMA’s supervision and look forward to implementing the tape as swiftly as possible."
ESMA has invited Ediphy (fairCT) to apply for authorisation without delay. Following authorisation, Ediphy (fairCT) will operate the CTP for bonds for a five-year period under ESMA’s supervision.
For further info contact info@fairct.org.
About fairCT
fairCT is a joint initiative designed to enhance transparency, liquidity and participation in European bond markets. The group includes industry names such as Cboe Global Markets, Ediphy Analytics, FactSet, Google Cloud, Norges Bank Investment Management, TP ICAP and UBS, among others.
About Ediphy
Ediphy is a UK fintech focused on fixed income data, analytics and execution. Ediphy has been involved with the Consolidated Tape topic since the onset of MiFID II in 2018.
