Founding Members of Transparent Markets Europe announced
Amsterdam, Netherlands
11 February 2026 — Etrading Software today confirms that it has submitted a tender application for the EU OTC Derivatives Consolidated Tape as part of the Transparent Markets Europe Initiative (TME), a Netherlands-based non-profit foundation aiming to oversee and govern the operation of the consolidated tape.
TME will be established as a single-purpose Dutch foundation with no shareholders and no activity beyond overseeing the operation of the Consolidated Tape. It has been designed as a neutral, cost-recovery market utility, with governance arrangements insulated from individual commercial interests and aligned with ESMA’s public-interest objectives.
The Founding Members of TME include the German Investment Funds Association (BVI), the Derivatives Service Bureau (DSB), ETS, PGGM, SIX Group and S&P Global. Together, they bring a broad range of perspectives spanning institutional users, data vendors, and market infrastructure operators, reflecting the diversity of the EU OTC derivatives ecosystem.
During the tender phase, the initiative will be overseen by a temporary Steering Committee comprising ETS, PGGM, SIX Group and S&P Global. Subject to award, this Steering Committee will transition into the Board of TME, with representatives from BVI and DSB joining the Board to ensure balanced and representative governance from the outset.
“Submitting our tender application marks an important step towards delivering a consolidated tape that genuinely serves the needs of Europe’s OTC derivatives markets. Our focus is on providing a high-quality, resilient and cost-effective service that enhances transparency, strengthens market confidence and aligns fully with ESMA’s objectives.” — Matthijs Geneste, CEO-designate at Transparent Markets Europe
“As technology and services partner to TME, ETS is committing both the funding and the proven infrastructure required to deliver the consolidated tape from day one. This ensures that TME enters the authorisation process with secure financing and mature technology in place, allowing the focus to remain firmly on execution and delivery immediately following any award.” — Sassan Danesh, CEO at Etrading Software
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