Aquis and Cboe Announce Joint Bid to Run EU Equity Tape

Aquis Exchange PLC and Cboe Europe have announced their intention to form a joint venture to bid for the role of the European Union’s equity consolidated tape (CT) provider. The companies, which collectively handle over half of European equity trades daily, have named the new venture SimpliCT, aiming to simplify and consolidate trade data access across European markets. The joint bid highlights a significant step towards the EU’s broader goals of streamlining market access and boosting competitiveness as part of its Capital Markets Union vision.

The consolidated tape provider, a role mandated by the European Commission under the recent MiFIR Review, is intended to improve the transparency of EU equity markets by offering real-time trade data that combines pre- and post-trade information. The selection process, overseen by the European Securities and Market Authority (ESMA), is expected to begin in June 2025, with a final decision anticipated by the end of that year.

SimpliCT, which will be based in the Netherlands, is designed to bring a comprehensive, cost-effective solution to market participants across the EU. By consolidating data from various trading venues, the venture aims to increase visibility for European issuers and ease access to market information. According to Aquis and Cboe, the system will deliver simplified and transparent market data, benefiting a wide range of participants, from institutional investors to individual market players. To support fair practices, a balanced commercial and governance structure is being developed to ensure equitable treatment for data contributors and consumers alike.

Natan Tiefenbrun, President of North American and European Equities at Cboe Global Markets, expressed excitement for the project. “As a firm that has consistently championed 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 benefits a well-governed tape can bring to EU capital markets,” Tiefenbrun said. He emphasised that a reliable tape provider would need to align with EU policy objectives while possessing the technical, operational, and commercial expertise required.

The partnership between Aquis and Cboe marks a critical move towards establishing an efficient and independent tape operator within the EU. Aquis Chief Executive Alasdair Haynes described the joint venture as a unique opportunity to serve the European financial sector with a robust, cost-efficient business model. “The advantages to the industry of establishing a tape have been clear for many years,” Haynes noted. “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.”

The creation of a single, unified tape operator is part of the EU’s broader ambition to enhance its equity markets and attract more global capital flows by increasing market transparency and accessibility. This initiative is expected to streamline access to European financial markets, making them simpler and more cost-effective to navigate.

As major players in EU-regulated trading, reporting, and data services, Aquis and Cboe bring considerable expertise to the table. They intend to share resources and technologies within the SimpliCT framework, if selected. The project is anticipated to be a significant contribution to the EU financial landscape, aligning with the regulatory push towards a more connected and competitive European market.