big xyt has announced its formal entry into the bidding process to become the official provider of the European Union’s Consolidated Tape (CT) for equities and ETFs. The company said its decision follows strong industry backing and responds to concerns about limited competition in the selection process overseen by the European Securities and Markets Authority (ESMA).
The firm, known for its role in trade data and analytics, highlighted its decade-long track record in consolidating European market data across jurisdictions, venues, and currencies. big xyt stated that its bid prioritizes independence, data quality, and cost efficiency.
“An independent consolidated tape solution”
Robin Mess, Chief Executive Officer at big xyt, commented, “After careful consideration and in response to strong encouragement from our partners throughout the financial ecosystem, we are stepping forward to offer the market an independent consolidated tape solution. Since 2014, we have set the highest standard possible for transparency across markets. By building our own tape, we’ve created the foundation for best-in-class pre- and post-trade analytics. This capital-efficient solution not only enhances the quality of our insights but also reinforces our ongoing commitment to market integrity and accessible, high-quality information.”
The firm’s platform already aggregates and normalizes data from various trading venues, supporting accurate volume reporting and comprehensive market analysis. big xyt said its technology stack enables nanosecond-level analytics and can handle high-frequency data at scale. Its services are currently used by global banks, asset managers, exchanges, and regulators.
As part of its proposal, big xyt emphasized the importance of independence in providing an unbiased view of the European equity and ETF markets. The company pointed to its cloud-native architecture and regulatory experience under MiFID II as key advantages in fulfilling the CT mandate.
Industry stakeholders have expressed support for big xyt’s participation, seeing it as a move that could restore competitive balance to the process. Several other firms previously exited the race to become the official provider.
Robin Mess added, “We believe that competition in this selection process is essential to delivering the best possible outcome for all market participants. Our independent approach ensures that the resulting consolidated tape will serve the entire market fairly while advancing the regulatory goals of improved transparency and efficiency.”
The tender process, expected to begin no earlier than June, will determine who is selected to run the CT under the MiFIR Review. big xyt said it is now engaging with stakeholders to establish a governance structure that reflects neutrality and long-term sustainability.