Data analytics specialist big xyt has formally declared its intention to compete for the role of official provider of the EU Consolidated Tape (CT) for equities and ETFs, under the selection process overseen by the European Securities and Markets Authority (ESMA).
big xyt’s entry into the process comes amid industry concerns over a lack of competition, following the withdrawal of other potential candidates. Aquis Exchange and Cboe Europe, who had formed the SimpliCT joint venture, pulled out in January 2025 citing economic reasons. Their decision came shortly after Aquis agreed to be acquired by SIX Group, a backer of rival consortium EuroCTP, raising potential conflicts of interest. Similarly, the Adamantia-led consortium, which included backing from firms such as Vanguard, Invesco, and AXA IM, also abandoned its plans after the ‘Swedish Compromise’ excluded pre-trade data from the tape, reducing its commercial and analytical value. With these exits, big xyt’s bid reintroduces much-needed competitive tension into the selection process.
With more than ten years’ experience consolidating and normalising European market data, big xyt offers a proprietary, cloud-based platform capable of delivering detailed analytics and harmonised data across asset classes, venues and jurisdictions, offering Level 3 analytics with full market depth, real-time analytics at nanosecond precision, and comprehensive pre- and post-trade insights. Its solutions are already used by a wide range of firms, including global investment banks, asset managers, trading venues and regulatory bodies.
“The consolidated tape challenge is not just about technology, it’s about applying the right kind of technology in the right place,” Robin Mess, CEO of big xyt, tells TradingTech Insight. “The CTP will rely on over 100 data feeds from exchanges, trading venues and APAs, requiring deep expertise in data quality control and normalisation. That’s what big xyt has been doing for years. Our experience in creating a consolidated view of the European market – across both EU and UK jurisdictions – sets us apart. We’re confident in our approach because the industry supports us, and we’ve consistently demonstrated that we can deliver real value through clear, insightful analysis of the market structure.”
Mess believes that big xyt’s independent approach and proven technology offer a credible alternative to exchange-led models, particularly at a time when concerns over neutrality and governance are shaping the debate. He argues that deep, analytics-ready data infrastructure – not just raw scale – is what will define the success of the consolidated tape over the long term.
“This initiative will significantly increase transparency across a wide range of use cases, so we see strong commercial appeal,” says Mess. “We’re not concerned about its long-term viability; it will be attractive to many firms and will enhance the overall appeal of the European market. A key advantage big xyt offers is that we’ve already done the hard work of consolidating diverse data sources from multiple contributors. We understand the complexity of ensuring high-quality data that meets the needs of both pre- and post-trade use cases. That experience, combined with the strength of our technology, puts us in a strong position. Our proposal will make clear how this can help drive the long-term success of the European equities market, not just in terms of transparency, but commercially as well.”
Crucially, big xyt has positioned its independent status as a core strength, emphasising the importance of neutrality in delivering an unbiased and reliable consolidated tape. The company is currently engaging with stakeholders to define a capital structure and governance model aligned with the collaborative and long-term goals of the project.
“Independence is absolutely essential for the CTP,” he says. “As part of the process, we’ll work to define an ownership, capital, and governance structure that reflects the full spectrum of industry participants; not just the sell side, buy side, or exchanges, but all users of the tape. Just as importantly, we’ll ensure the solution doesn’t rely solely on big xyt. While we’re a strong and credible partner, the CTP will be operated by a separate entity with its own governance and ownership. That entity will still benefit from the technology, expertise, and experience we’ve built, but it will stand independently to ensure long-term neutrality and resilience.”
The formal tender process is expected to begin no earlier than June 2025.
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