Aquis Exchange PLC and Cboe Europe have announced plans to form a joint venture, SimpliCT, in a bid to become the EU’s equity consolidated tape (CT) provider. The project, which aims to create a comprehensive and cost-efficient view of market activity for European equities, will be based in the Netherlands and leverage the combined expertise of the two firms.
SimpliCT will focus on delivering a high-quality, real-time feed of equity market data across the EU, aligning with the European Commission’s mandate under the MiFIR Review, which requires a single provider to handle pre- and post-trade consolidated data. The European Securities and Market Authority (ESMA) will oversee the selection process, expected to begin in June 2025, with a decision anticipated by the end of that year.
Natan Tiefenbrun, President, North American and European Equities, Cboe Global Markets, commented: “As a firm that has consistently championed for the introduction of a consolidated tape, we are thrilled to be launching SimpliCT in partnership with Aquis, who share our long-held belief in the significant benefits a well-operated and governed tape can bring to EU capital markets. As one of the most important market infrastructure developments the EU has introduced for many years, it requires a provider that has the necessary technical, operational, and commercial expertise, and is aligned to policy makers’ vision and objectives for the tape. SimpliCT has been created to meet this ambitious goal, by seeking to leverage the leading capabilities of its founder firms and their unwavering commitment to see it succeed.”
As equal shareholders, Aquis and Cboe will contribute their extensive experience in EU-regulated markets, technology, and trade reporting. Together, their platforms process over half of daily European equity trades, positioning them as strong contenders for the CT role. The new venture also underscores both companies’ commitment to the EU’s Capital Markets Union, aiming to enhance the visibility of European issuers and attract global investment by improving market accessibility.
Alasdair Haynes, Chief Executive, Aquis, said: “Aquis has long been an advocate of a consolidated tape in Europe, and is delighted to be partnering with Cboe, an operator that has been similarly steadfast in its commitment. The advantages to the industry of establishing a tape have been clear for many years, and both Aquis and Cboe have been strong supporters. Together with Cboe, we have identified a clear opportunity to serve the financial community as an independent and competitive operator through the formation of SimpliCT. This proposed joint venture would not only represent a cost-efficient, robust business model that integrates advanced complementary, proprietary technologies, it would also be designed to deliver fair compensation for data contribution, aligning the interests of contributors and consumers.”
If selected, SimpliCT would operate with a governance framework designed to ensure fair treatment of data contributors and consumers. A dedicated management team and an industry advisory committee are expected to be appointed to oversee its development and operational strategy.
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