RESULTS
EU's first
Authorized Consolidated Tape
130+ markets
Consolidated into one data stream
27 EU + 2 EEA countries
Included in a unified market view
for the first time
Executive Summary
EPAM supported EuroCTP in delivering the EU's first consolidated tape authorized by the European Securities and Markets Authority (ESMA), bringing together market data from 130+ trading venues across 29 countries into a single real-time view. As a primary delivery partner, EPAM provided technology delivery and program support to help EuroCTP advance transparency and access across European financial markets.
SERVICES
- Data & Analytics
STRATEGIC PARTNER
- Amazon Web Services (AWS)
INDUSTRY
- Financial Services
THE CHALLENGE
Operational Complexity at Scale
Europe has never had a consolidated tape. Trading in European shares and exchange-traded funds (ETFs) is spread across dozens of exchanges, venues and trade-reporting platforms in different countries, resulting in scattered, inconsistent data that's expensive to piece together. Institutions have historically had to connect individually to multiple venues just to see the full picture for a single stock, retail investors did not have transparency and regulators had no single, authoritative view of trading activity to rely on.
EuroCTP is a Netherlands-based joint venture with a mandate to build the EU's first authorized consolidated tape for shares and ETFs across all 27 EU member states plus EEA members Iceland and Norway.
EuroCTP was looking for a partner with deep engineering, data and cloud expertise to support the delivery of a complex, regulated program across key technology and delivery workstreams — from solution design and documentation support for the tender filing, through delivery and launch. Just as important was the ability to create IP for the company while maintaining a level of control over future developments, along with a proven track record of integrating with other technologies to design and implement the comprehensive solution the market needed.
The Solution
EPAM's involvement began before any contract was signed. Rather than answer EuroCTP's 2023 RFI with slides alone, EPAM built and self-funded a working proof of concept on AWS — a real, cloud-hosted consolidated tape, running before the selection was even final. That's what got EPAM into the room.
The work that followed during the RFP process ultimately led to EPAM being selected as a primary delivery partner, coordinating delivery across multiple workstreams and delivery partners.
Between Q4 2024 and September 2026, EPAM built the platform on a secure AWS foundation, spanning six core workstreams:
Data & Analytics Layer
Website, Admin UI & APIs
IT Operations & Central IT
End-to-End Testing & Program Management
Regulatory Support
Key Features
01
Single Market View
eliminates separate connections to dozens of venues, providing institutions with a unified view of 130+ European markets
02
Fair Access
retail investors and professional users can access comprehensive market data without prohibitive infrastructure costs
03
Real-Time & Historical Access
live WebSocket streaming and five years of REST API history enable immediate decision-making and analysis
04
24/7 Reliability
production-grade operations ensure continuous availability and resilience whether on premises or on cloud
05
ESMA-Mandated
regulatory authorization and supervision validate the solution as a trusted European market utility
06
End-to-End Connectivity
FIX MDS connects EuroCTP to all institutional data users and major distributors due to its low-latency data infrastructure
PARTNER WITH US
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