In a critical step toward the operational reality of a European consolidated tape, EuroCTP has selected DataBP, specialists in commercial management solutions for financial market data, to administer the licensing and subscriber management for its forthcoming equities and ETFs consolidated tape. The move signals a foundational focus on modern, digital-first infrastructure for what is poised to become a cornerstone of the EU’s Capital Markets Union.
The selection of DataBP to build the administrative backbone for the tape is a significant development. While the industry has been focused on the selection of the tape provider itself, this partnership sheds light on the crucial, and often complex, operational workflows that will underpin its success. Getting the licensing, onboarding, and entitlement tracking right from day one is vital for the widespread adoption of the consolidated tape by a diverse community of data consumers.Mark Schaedel, CEO of DataBP, outlines to TradingTech Insight how the collaboration is a unique opportunity to establish a new benchmark for the industry. “For DataBP, the main thing to celebrate here isn’t just gaining another client,” he says. “It’s the fact that we, like the rest of the community, struggle to achieve more convention and similarity in how exchanges licence data. This is an inherently non-standard business, but with Euro CTP, we get to set a new standard, and it will be a digital-first standard.”
This ‘digital-first’ approach aims to move beyond the often manual and fragmented processes that characterise much of the market data administration landscape today. By creating a streamlined and automated framework from the outset, EuroCTP and DataBP intend to provide a simple and efficient user experience for accessing consolidated pre- and post-trade data.
Detailing the scope of the engagement, Schaedel explains, “We’ll be providing Euro CTP with a technology platform and managed services to support the administration of the consolidated tape. This includes end-to-end management of subscriber and redistributor relationships, licensing, onboarding, order processing, pricing, billing, entitlements, auditing, and compliance – everything needed to support distribution of consolidated market data.”
The partnership was lauded by Eglantine Desautel, CEO of EuroCTP, who highlighted DataBP’s established expertise. “DataBP has a proven track record in facilitating market data administrative processes,” she noted. “Their experience and wide adoption makes them the preferred choice to assist EuroCTP in providing easy-to-use market data access solutions.”
The initiative extends beyond merely providing a raw data feed. The vision for the European Consolidated Tape is more comprehensive, aiming to serve a wide array of market participants through various delivery mechanisms.
According to Schaedel, this broader scope was a key factor. “Euro CTP’s vision as the consolidated tape provider is quite ambitious, much broader than just a stream of data that you licence,” he notes. “They’ll have various ways of packaging and delivering this service, including a web platform – which we are also supporting – and many additional features.”
For a European market that has long been challenged by data fragmentation across numerous trading venues, the eventual establishment of a consolidated tape will be a landmark event. By establishing a modern administrative layer, this partnership is a key practical step, ensuring that the processes for accessing and managing the data are fit-for-purpose when the tape goes live.
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