Aquis Exchange PLC and Cboe Europe intend to form a joint venture which plans to explore a bid to perform the role of the EU’s equity consolidated tape (CT) provider.

The selection process for the EU equity CT is expected to begin in June 2025, with a successful applicant chosen by the end of 2025.

Aquis and Cboe plan to establish and co-own a new company named SimpliCT, which will be based in the Netherlands and seek to leverage the expertise of its founders to develop a best-of-breed equity CT.

Key points of the arrangement include:

• Aquis and Cboe will be equal shareholders of SimpliCT
• A dedicated SimpliCT management team and industry advisory committee would be appointed in due course
• If SimpliCT is successful in the selection process, Aquis and Cboe will each contribute expertise, technology and capabilities to SimpliCT

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 2024.

The task of selecting the equity CT has been delegated to the European Securities and Market Authority (ESMA). It is expected to begin the selection process in June 2025 and choose a successful applicant by the end of 2025.