Skip to the text

Article 27h — Organisational requirements for CTPs — compare

Showing 51 of 51Release 2 Nov 2026Details
Coverage
MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
Freshness
Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
Shown
Showing 51 of 51
Failures
None.
Incomplete
No.
From
1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 26 Oct 2026 · Official source
To
2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source
27h(1)

1.A CTP shall have adequate policies and arrangements in place to collect the information made public, in accordance with Articles 6 and 20, consolidate it into a continuous electronic data stream, and make the information available to the public as closeconditions for authorisation referred to real time as is technically possible, on a reasonable commercial basis.in Article 27db:

27h(1)(a)
(a)the identifier of collect all data transmitted by data contributors in relation to the financial instrumentasset class for which it is authorised;
27h(1)(b)
(b)the price at which collect fees from users, while providing access, free of charge, to the transaction was concludedconsolidated tape to retail investors, academics, civil society organisations and competent authorities;
27h(1)(c)
(c)in the volumecase of the transactionconsolidated tape for shares and ETFs, redistribute part of its revenue in accordance with paragraph 6;
27h(1)(d)
(d)the disseminate core market data and regulatory data to users as a continuous electronic live data stream on non-discriminatory terms as close to real time of the transactionas technically possible;
27h(1)(e)
(e)the timeensure that the transaction was reportedcore market data and regulatory data are easily accessible, machine-readable and usable for all users, including retail investors;
27h(1)(f)
(f)the price notation have systems in place that can effectively check the completeness of the transactiondata transmitted by data contributors, identify obvious errors, and request the re-submission of data;
27h(1)(g)
(g)the code for the trading venue the transaction was executed onwhere the CTP is controlled by a group of economic operators, or where the transaction was executed via a systematic internaliser have a compliance system in place to ensure that the operation of the code ‘SI’ or otherwise the code ‘OTC’;consolidated tape does not result in a distortion of competition.
27h(1)(h)
(h)where applicable, the fact that a computer algorithm within the investment firm was responsible for the investment decision and the execution of the transaction;
27h(1)(i)
(i)if applicable, an indicator that the transaction was subject to specific conditions;
27h(1)(j)
(j)if the obligation to make public the information referred to in Article 3(1) was waived in accordance with point (a) or (b) of Article 4(1), a flag to indicate which of those waivers the transaction was subject to.

That information shall includeFor the purposes of the first subparagraph, at leastpoint (d), a CTP for shares and ETFs shall not publish the following details:market identifier code when disseminating the European best bid and offer as close as to real time as technically possible to the public.

The information shall be made available free of charge 15 minutes after the CTP has published it. The CTP shall be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in formats that are easily accessible and utilisable for market participants.

27h(2)

2.A CTP shall have adequate policies and arrangements in place to collect the information made public in accordance with Article 10 and Article 21adopt, consolidate it into a continuous electronic data stream,publish on its website and make information available to the public as close to real time as is technically possible, on a reasonable commercial basis including, at least,regularly update service level standards covering all of the following details:

27h(2)(a)
(a)the identifier or identifying features of the financial instrumentan inventory of data contributors from whom data are received;
27h(2)(b)
(b)the price at which the transaction was concludedmodes and speed of delivery of core market data and regulatory data to users;
27h(2)(c)
(c)measures taken to ensure operational continuity in the volumeprovision of the transaction;core market data and regulatory data.
27h(2)(d)
(d)the time of the transaction;
27h(2)(e)
(e)the time the transaction was reported;
27h(2)(f)
(f)the price notation of the transaction;
27h(2)(g)
(g)the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code ‘SI’ or otherwise the code ‘OTC’;
27h(2)(h)
(h)if applicable, an indicator that the transaction was subject to specific conditions.

The information shall be made available free of charge 15 minutes after the CTP has published it. The CTP shall be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis, and in generally accepted formats that are interoperable and easily accessible and utilisable for market participants.

27h(3)

3.TheA CTP shall ensure that have sound security arrangements in place designed to guarantee the security of the means of transfer of data provided is consolidated from allbetween the data contributors and the regulated markets, MTFs, OTFs CTP and between the CTP and APAs the users and for to minimise the financial instruments specified by regulatory technical standards under point (c) of paragraph 8risk of data corruption and unauthorised access. The CTP shall maintain adequate resources and have back-up facilities in place to offer and maintain its services at all times.

27h(4)

4.The CTP shall operate and maintain effective administrative arrangements designed to prevent conflictsFor each of interest. In particular, a market operator, or an APAthe asset classes referred to in Article 27da(1), who also operates a consolidated tape,CTP shall treat all information collected in a non-discriminatory way and shall operate and maintain appropriate arrangements to separate different business functionspublish a list of the financial instruments that are covered by the consolidated tape, indicating their identifying reference data.

The CTP shall offer access, free of charge, to its list, and shall ensure that the list is regularly reviewed and updated, in order to offer a comprehensive view of all the financial instruments covered by the consolidated tape.

27h(5)

5.TheA CTP shall have sound security mechanisms in place designed to guarantee the security of the means of transfer of informationfor financial instruments other than shares and to minimise the risk ofETFs may redistribute to data corruption and unauthorised access. The CTP shall maintain adequate resources and have back-up facilities in place in order to offer and maintain its services at all timescontributors part of the revenue generated by the consolidated tape.

27h(6)

6.ESMA shall develop draft regulatory technical standards to determine data standards and formatsA CTP for the information to be published in accordance with Articles 6, 10, 20shares and 21, including financial instrument identifier, price, quantity, time, price notation, venue identifier and indicators for specific conditions ETFs shall redistribute part of the transactions was subject to as wellrevenue generated by the consolidated tape, as technical arrangements promoting an efficient and consistent dissemination of informationindicated in a way ensuring for it to be easily accessible and utilisable for market participants asthe reasoned decision referred to in paragraphs 1 and 2 of this Article 27db(3), including identifying additional services the CTP could perform which increaseto data contributors meeting one or more of the efficiency of following criteria (the market.‘revenue redistribution scheme’):

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

27h(6)(a)
(a)the data contributor is a regulated market or an SME growth market whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union (‘small trading venue’);
27h(6)(b)
(b)the data contributor is a trading venue that provided initial admission to trading of shares or ETFs on 27 March 2019 or thereafter;
27h(6)(c)
(c)the data are transmitted by a trading venue and pertain to transactions in shares and ETFs that have been concluded on a trading system that provides pre-trade transparency, where those transactions did not result from orders that were subject to a waiver from pre-trade transparency pursuant to Article 4(1), point (c).
27h(7)

7.The Commission shall adopt delegated acts in accordance with Article 50 in order to supplement this Regulation by clarifying what constitutes a reasonable commercial basis to provide access to data streams as referred to in paragraphs 1 and 2 of this Article.For the purposes of the revenue redistribution scheme, the CTP shall take into account the following trading volume (the ‘relevant trading volume’):

27h(7)(a)
(a)for the purposes of paragraph 6, point (a), the total annual trading volume generated by that trading venue;
27h(7)(b)
(b)for the purposes of paragraph 6, point (b):
27h(7)(b)(i)
(i)in the case of small trading venues, their total annual trading volume;
27h(7)(b)(ii)
(ii)in the case of trading venues other than small trading venues, the trading volume pertaining to the shares and ETFs referred to in that point;
27h(7)(c)
(c)for the purposes of paragraph 6, point (c), the volume pertaining to the shares and ETFs referred to in that point.

The CTP shall determine the amount of the revenue to be redistributed to data contributors under the revenue redistribution scheme by multiplying the relevant trading volume by the weighting assigned to each criterion laid down in paragraph 6, as specified in the regulatory technical standards adopted pursuant to paragraph 8.

If trading venues meet more than one of the criteria laid down in paragraph 6, the amounts resulting from the calculation referred to in the second subparagraph of this paragraph shall be added cumulatively.

27h(8)

8.ESMA shall develop draft regulatory technical standards specifyingto:

27h(8)(a)
(a)the means by whichspecify the CTP may comply with the information obligation referred toweighting assigned to each criterion laid down in paragraphs 1 and 2paragraph 6;
27h(8)(b)
(b)further specify the content method for calculating the amount of the information published under paragraphs 1 and 2revenue to be redistributed to data contributors as referred to in paragraph 7, second subparagraph;
27h(8)(c)
(c)specify the financial instruments criteria under which the CTP can, where the CTP proves that a data of which must be provided incontributor has seriously and repeatedly breached the data stream requirements referred to in Articles 22a, 22b and 22c, temporarily suspend the participation of that data contributor in for non-equity instruments the trading venues revenue redistribution scheme, and APAs specify the conditions under which need to be included;the CTP is to:
27h(8)(d)
(d)other means to ensure that the data published by different CTPs is consistent and allows for comprehensive mapping and cross-referencing against similar data from other sources, and is capable of being aggregated at Union level;
27h(8)(e)
(e)the concrete organisational requirements laid down in paragraphs 4 and 5.
27h(8)(c)(i)
(i)resume revenue redistribution; and
27h(8)(c)(ii)
(ii)where there was no breach of those requirements, provide that data contributor with the revenue retained plus interest.

Power is delegated toFor the purposes of the Commission to supplement this Regulation by adoptingfirst subparagraph, point (a), of this paragraph, the regulatory technical standards referred to in criterion laid down in paragraph 6, point (a), shall have a higher weighting than the first subparagraph criterion laid down in accordance with Articles 10 to 14 point (b) of that paragraph, and the criterion laid down in point (b) of Regulation that paragraph shall have a higher weighting than the criterion laid down in point (EUc) No 1095/2010of that paragraph.

ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 29 December 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.