Q&A · ESMA

Consolidated Tape Provider (CTP)

Answered

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AI-generated Summary

For Article 3(2) of Delegated Regulation 2025/1155 on data sent to the consolidated tape, the order timestamp is the one the venue's matching engine applies when the order is registered in the order book, not its arrival at the gateway.

Details

Reference	ESMA_QA_2881
Issuer	ESMA
Published	10 Jul 2026
Answered	10 Jul 2026
Submitted	6 Jul 2026
ESMA topics	Data reporting services providers

Provisions it relates to

Article 22a MiFIR · Transmission of data to the CTP
MiFIR
ESMA rulebook
MiFIR (whole act)
Explicit reference

Documents it refers to

RTSIn forceExplicit reference · 90%
Commission Delegated Regulation (EU) 2025/1155 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Commission Delegated Regulation (EU) 2017/574
European Commission · 3 Nov 2025 · EUR-Lex
AI summaryRTS on consolidated tapes under the 2024 MiFIR review: specifies the input data contributors must send to the bond and share/ETF CTPs and the output data CTPs disseminate, transmission quality and timestamp format, business clock synchronisation and accuracy for venues, SIs, APAs and CTPs, and the methodology for redistributing share/ETF CTP revenue. Repeals RTS 25 (2017/574); applies from 2 March 2026.