Aquis Exchange and Cboe Europe are collaborating to establish a joint venture aimed at bidding for the new European Union equity consolidated tape.
European regulators have been advocating for a consolidated ticker tape for equities that integrates trading data from various sources into a single information stream across all member states. This initiative seeks to enhance transparency in EU markets and reduce costs.
The selection process for a provider will begin next June, with a decision expected by the end of 2025. Aquis and Cboe Europe are creating a new company called SimpliCT, based in the Netherlands, to explore this bid.
SimpliCT’s goal is to deliver a high-quality, reliable consolidated tape that offers a simplified, comprehensive, and cost-effective overview of market activity, benefiting a wide range of participants. The initiative will also include a commercial and governance framework aimed at ensuring fair treatment for both data contributors and users.
Natan Tiefenbrun, President of North American and European equities at Cboe Global Markets, states that this initiative represents one of the most significant market infrastructure developments within the EU in years. He emphasizes the need for a provider with the right technical, operational, and commercial expertise, aligned with the policymakers’ vision for the tape. Tiefenbrun notes that SimpliCT is designed to leverage the strengths of its founding firms and their commitment to its success.
Alasdair Haynes, CEO of Aquis, points out that the collaboration with Cboe presents a clear opportunity to serve the financial community as an independent and competitive operator. He describes the proposed joint venture as a cost-effective, robust business model that combines advanced technologies while ensuring fair compensation for data contributions, aligning the interests of both contributors and consumers.
SimpliCT is not the only contender; last year, EuroCTP and 14 exchanges, including Deutsche Börse and Euronext, signed a term sheet to set up a joint venture to assess and prepare an application as a consolidated tape provider.