big xyt Withdraws from European Consolidated Tape Bid

big xyt, an independent provider of market analytics and data solutions, has announced its withdrawal from the bidding process to become the European Consolidated Tape Provider (CTP) for Equities and ETFs. The company's decision, effective immediately, follows a comprehensive internal review and engagement with industry stakeholders, which revealed that the necessary level of financial support could not be secured.

Robin Mess, CEO of big xyt, stated, "From the outset, our involvement in the CTP process was driven by a clear request from the industry to provide an independent, high-quality alternative." He added that while they had not initially planned to enter the race, they stepped in later in response to concerns regarding competition, governance, and data quality. Mess further explained, "Our proposal was shaped by a belief that the CTP should serve the entire industry - with robust governance, a focus on data quality and independence at its core. However, this vision requires strong, coordinated support across market participants, which could not be secured at this time."

Despite ending its CTP bid, big xyt confirmed its ongoing commitment to its mission of improving transparency and accessibility in financial markets and delivering analytical solutions to its global clients. The company has formally notified the European Securities and Markets Authority (ESMA) of its withdrawal.