The European Securities and Markets Authority has awarded Transparent Markets Europe the mandate to operate the consolidated tape for over-the-counter derivatives in the EU, following a competitive tender process launched in January 2026.

TME, a non-profit market utility backed by buy-side firms and data infrastructure providers, must now secure formal authorisation from ESMA before commencing operations. The service is expected to go live by late June 2027, following the implementation of the amended MiFIR OTC derivatives transparency regime on 1 March 2027.

The consolidated tape will aggregate post-trade transaction prices and volumes across EU OTC derivatives markets, with the aim of improving transparency and price discovery. The initiative supports the EU’s Savings and Investments Union, which seeks to enhance capital flows across the bloc.

TME’s founding members include the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), Etrading Software and Dutch pension fund manager PGGM. The organisation will operate on a cost-recovery basis, owned by a single-purpose Dutch foundation.

The tape will be built on infrastructure developed by Etrading Software for the UK bond consolidated tape, which launched on 22 June 2026.

TME will now begin the ESMA authorisation process while engaging data contributors on connectivity and data format requirements. The group also plans to convene a consultative committee to gather input from market participants on fees, governance and service design.