big xyt, the independent provider of market analytics and data solutions, has announced its withdrawal from the bidding process to become the European Consolidated Tape Provider (CTP) for Equities and ETFs.
Following in-depth engagement with key industry stakeholders and a comprehensive internal review, the company concluded that the level of financial support required to proceed was not achieved.
“From the outset, our involvement in the CTP process was driven by a clear request from the industry to provide an independent, high-quality alternative,” said Robin Mess, CEO of big xyt. “While we had not originally planned to enter the race, we stepped up late in the process in response to concerns about competition, governance and data quality.”
big xyt’s broader mission — to improve transparency and accessibility in financial markets — remains unchanged. The company built its own consolidated view of European markets to power its analytics platform and understands first-hand the value such a capability brings to the ecosystem.
“Our proposal was shaped by a belief that the CTP should serve the entire industry — with robust governance, a focus on data quality and independence at its core,” said Mess. “However, this vision requires strong, coordinated support across market participants, which could not be secured at this time.”
While big xyt is stepping back from the CTP process, it remains committed to its mission of delivering transparent and trusted analytics solutions to its clients globally.
“We are proud of our role in advancing the discussion, and we stand ready to support any initiative that promotes fairness, transparency and innovation in European capital markets,” added Mess.
ESMA has received formal notification as the withdrawal takes effect immediately.