Enterprise: CT Technology
Consolidated tape infrastructure.
Built to operate at regulatory scale.
CT Technology is the capability stack Ediphy provides as managed services partner for fairCT (the EU bond consolidated tape selected by ESMA). The same infrastructure is available as enterprise technology for tape operators, exchanges, and APAs: normalisation, deduplication, and distribution built for institutional volumes.
What it is
The whole stack, ingestion to distribution.
CT Technology is the end-to-end infrastructure for running a consolidated tape: market data ingested from multiple sources via a range of ingest APIs — including proprietary and legacy binary feeds — trades normalised against a canonical instrument and event model, idempotent deduplication per source, and the resulting clean record distributed in real time across FIX, WebSocket, REST, and file.
Built for high availability at microsecond distribution latencies. Ediphy is the managed services partner for fairCT, the EU bond consolidated tape selected by ESMA, and provides the same capability stack to tape operators, exchanges, and APAs as a technology deployment in your own environment.
REGULATOR VIEW
With today's decision, we are taking a decisive step towards setting up consolidated tapes in the EU. This step constitutes a key contribution to building the Savings and Investment Union and to the further development of capital markets in Europe.
– Natasha Cazenave, Executive Director, ESMA · 3 July 2025
Four layers of the CT stack.
Each layer is provided as a component or as the full stack, built for the throughput a consolidated tape demands.
Multiple source formats
Adapters for trading venue and APA data across formats; FIX, proprietary binary, CSV, XML, and the long tail of legacy formats. Onboarding a new source is a delivery task.
FIX · APA · SOURCE ADAPTERS
Normalise & deduplicate
Canonical instrument model, canonical event model, and idempotent deduplication per source. Each record from a contributor is published exactly once, regardless of retransmissions.
CANONICAL · DEDUPLICATION
FIX, WebSocket, REST, file
Real-time and batch distribution across every channel institutional clients consume. Fan-out sized for consolidated-tape flows, no customer-side throughput ceiling.
REALTIME · BATCH
Full audit trail
On-call operations, incident response, and a full audit trail — every message in, every message out, every transformation in between.
AUDIT TRAIL
Why Ediphy
Managed services partner for fairCT.
CT infrastructure is straightforward to specify and demanding to operate. The difference between a spec that passes review and a tape that regulators trust is the operational discipline behind it, source format changes, late-filed trades, duplicate-suppression edge cases, incident response under load. Ediphy was selected by ESMA as the provider behind fairCT, the EU bond consolidated tape, and provides the capability stack to operate it. When you take CT Technology from Ediphy, you are taking infrastructure built and operated to that standard.
For tape operators
What an operating CT actually requires.
A consolidated tape that survives regulatory scrutiny is an operational commitment. The operational discipline that separates a working tape from a passing spec is not captured in the specification itself.
Each item on the right is part of the operating discipline the CT stack is built around. Deploying the stack into an operator's environment carries that discipline with it.
- 01 Source onboardingNew format, new adapter, parallel-run UAT, signed conformance.
- 02 Late-filed trade handlingRetroactive corrections, audit-preserving reissue, downstream notification.
- 03 Recalibration windowsThreshold updates landed in UAT, regressed, then promoted on schedule.
- 04 Incident responseDefined severity tiers, named responders, documented RCA.
- 05 Receipt retentionPer-print evidence, immutable storage, exportable on demand.
- 06 Quality scoringPer-source, per-publisher metrics surfaced for regulators.