Pan-European equity exchanges Aquis Exchange and Cboe Global Markets have today set out plans to launch a joint venture that will look to explore making a bid to provide the European consolidated tape.
Named SimpliCT, the new venture will be based in the Netherlands and co-owned by Cboe and Aquis as equal shareholders. 
Alasdair Haynes, chief executive, Aquis, commented: “This proposed joint venture would not only represent a cost-efficient, robust business model that integrates advanced complementary, proprietary technologies, it would also be designed to deliver fair compensation for data contribution, aligning the interests of contributors and consumers.”
Once established, the new venture will explore developing a bid for the tape. The pair confirmed it would be supported by a commercial and governance framework designed to ensure fair treatment of both data contributors and consumers.
A dedicated SimpliCT management team and industry advisory committee would be appointed in due course once the JV is launched.
The pair confirmed that if SimpliCT is successful in the selection process, both firms will each contribute expertise, technology and capabilities.
Natan Tiefenbrun, president, North American and European Equities, Cboe Global Markets, added: “As one of the most important market infrastructure developments the EU has introduced for many years, it [the consolidated tape] requires a provider that has the necessary technical, operational, and commercial expertise, and is aligned to policy makers’ vision and objectives for the tape. SimpliCT has been created to meet this ambitious goal.”
The European Commission has mandated the creation of a single entity to operate a real-time pre- and post-trade CT for equities for five years as part of the Mifir Review, which came into force in April earlier this year.
The European Securities and Market Authority (ESMA) will begin the selection process in June 2025 and choose a successful applicant by the end of 2025.