big xyt, the independent provider of market data and analytics, has withdrawn from the bidding process to become the European Consolidated Tape Provider (CTP) for Equities and ETFs, citing a lack of sufficient financial backing to support its continued participation.
The company formally entered the competitive tender earlier this year, positioning itself as a strong candidate on the basis of its existing consolidated view of European trading venues, a capability that underpins its analytics platform used by institutional clients. At the time, big xyt framed its bid as a logical extension of its ongoing work to enhance transparency in fragmented equity markets.
Its participation came in response to the European Commission’s long-standing aim of establishing a centralised equities and ETF tape under the Capital Markets Union framework. The move was welcomed by some in the industry, given big xyt’s reputation for neutrality and its experience working with harmonised, cross-venue data.
However, following extensive engagement with stakeholders and an internal review, the company determined that the financial support necessary to proceed had not materialised. As a result, it has opted to withdraw from the process, with immediate effect. The European Securities and Markets Authority (ESMA) has been formally notified.
“Our decision to withdraw from the CTP process followed extensive discussions with industry stakeholders and a careful internal assessment,” Robin Mess, CEO of big xyt, tells TradingTech Insight. “While there was broad recognition of the value of a consolidated tape and strong support for an independent, high-quality alternative, the coordinated backing – including the level of financial commitment as an industry initiative needed to manage the risks and responsibilities of the CTP – could not be fully secured at this point in time.”
He continues: “This decision does not reflect a lack of interest in the concept – rather, it underscores the complexity of aligning commercial, regulatory and strategic priorities across a diverse set of market participants. We remain proud of the integrity and transparency we brought to the process, and continue to believe that a well-governed CTP is essential to the long-term competitiveness of European markets. We stand ready to support that vision in whatever form it ultimately takes.”
While stepping back from the CTP bid, big xyt has reiterated its commitment to delivering transparent and trusted analytics to clients across global markets.
“Our strategy remains unchanged,” says Mess. “big xyt continues to focus on delivering high-quality, trusted analytics and harmonised market data and analytics solutions to institutional clients around the world. We remain deeply committed to improving market transparency and accessibility, and will continue to support industry efforts that align with these principles. We built our own consolidated view of European markets to power our analytics platform, and our experience in handling fragmented data at scale remains central to our value proposition. While we’re stepping back from the CTP process, we will stay actively involved in discussions on market structure and innovation – and are always open to contributing where we can add value.
“We’ll continue to serve as a neutral, expert partner to the industry, helping firms navigate fragmentation, meet regulatory demands and make informed decisions based on reliable, transparent data.”
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