A distinction is made between the following services:
- operation of an Approved Publication Arrangement (APA)
- operation of a Consolidated Tape Provider (CTP)
- operation of an Approved Reporting Mechanism (ARM).
An APA has a licence for providing services in the field of the publication of transaction reports on behalf of investment firms that settle transactions outside of a trading venue. A CTP has, in brief, a licence for providing services in the field of collecting market data that are published by trading venues and via an APA and for making this data available to the market in a consolidated form. An ARM has a licence for providing services in the field of reporting the details of transactions to national supervisors or ESMA on behalf of investment firms. Different organisational requirements apply for the providers.