What is the EU OTC Derivatives Consolidated Tape (CT)?

The EU OTC Derivatives Consolidated Tape (CT) is a regulatory initiative designed to aggregate and publish post-trade data for over-the-counter derivatives across the European Union.

The purpose of the CT is to create a single, authoritative source of consolidated trade data, improving transparency, accessibility and comparability across fragmented markets.

Why is the EU OTC Derivatives CT Important?

Today’s EU derivatives transparency landscape remains fragmented across multiple venues and APAs, creating material challenges for market participants. The Derivatives CT aims to address these gaps by delivering a single, authoritative record of EU OTC derivatives post-trade data. Its sole focus is the provision of a high-quality core service: accurate, complete and timely consolidated transparency data.

Objectives of the TME OTC Derivatives Tape

Authoritative Record

A single, authoritative consolidated record of EU OTC derivatives post-trade data

High Capacity Infrastructure

Resilient and scalable infrastructure

Data Standards

Common data standards and enhanced data quality controls

Simple Licensing and Transparent Pricing

Reasonable, transparent pricing based on cost-recovery principles 

This initiative forms part of the broader MiFIR Review and EU capital markets reforms aimed at strengthening market transparency and efficiency.

About Transparent Markets Europe (TME)

Transparent Markets Europe (TME) is an industry-led initiative established to bid for and, if awarded, operate the EU OTC Derivatives Consolidated Tape.

 

The CT will be owned and operated by TME, structured as a neutral, non-profit market utility, with:

No commercial activities beyond operating the CT 

A not-for-profit cost-recovery-based financial model 

Governance designed to insulate the utility from individual commercial interests 

TME’s objective is to deliver a resilient, independent and operationally robust CT aligned with European regulatory standards.

Governance and Oversight

The Founding Members of TME include the German Investment Funds Association (BVI), Etrading Software, and PGGM Vermogensbeheer. Together, they bring a broad range of perspectives spanning institutional users, data vendors, and market infrastructure operators, reflecting the diversity of the EU OTC derivatives ecosystem.

Key Milestones

The 2026 roadmap toward establishing the EU OTC Derivatives Consolidated Tape