We’re establishing a consolidated tape (CT) for bonds to collate market data. Find out more about what the CT will do and our work in designing a tender to find a CT provider (CTP).
The CT for bonds will collate data for bond trades, such as prices and volumes of trades. It aims to provide a comprehensive picture of bond transactions.
It will bring together data on trades executed on trading venues as well as those arranged over-the-counter.
We expect a CT to strengthen UK bond markets by making them more transparent, efficient and liquid.
Our work so far
In July 2023, we published CP23/15, setting out proposals for a UK bond CT framework.
In December 2023, we published CP23/33 which largely finalised the rules consulted on in CP23/15 but also included consultation questions on payments from the bond CTP to data providers (trading venues and Approved Publication Arrangements). In April 2024, we published Handbook Notice 117 (PDF) confirming that we would not require that the bond CTP make payments to data providers.
We are also considering the design of a CT for equities (shares and exchange traded funds (ETFs)).
The market for bond data is distinct from that for equities and the two need distinct assessments of the potential role of a CTP, its characteristics, the appropriate economic model for the CT and its benefits in the relevant trade data market.
Next steps
On 7 March, we published a Tender Notice announcing the release of the documents for the FCA’s tender process to appoint a bond CTP - the Invitation to Tender and the draft contract between the FCA and the CTP. These documents can be accessed on the FCA’s procurement portal. Potential bidders must register on this portal to participate in the procurement process or ask questions about it.
The tender documents explain the award process, the standards and requirements the CTP will need to meet, the licences that the successful bidder will provide to CT users, instructions on how to participate in the tender and the required information that firms must submit as part of the tender process.
The tender will follow the two-stage process described in CP23/33 and proceed through the following steps:
- Bidders will be invited to submit questions until 28 March 2025 and the FCA will respond to these by 9 April 2025.
- Bidders will submit initial responses to a Procurement Specific Questionnaire and Invitation to Tender questions by 25 April.
- The FCA will review tender question responses and provide written feedback by 23 May.
- Bidders will be invited to submit their final bids by 13 June. The FCA will make a decision on which bidders will proceed to a price auction (the e-auction), the second stage of the tender, by 18 July.
- The e-auction will commence at the beginning of August.
Once appointed, the winning bidder must sign a contract with the FCA and apply for authorisation as a CTP. The contract between the CTP and the FCA will be conditional upon the winning bidder’s successful authorisation. We aim to make a determination on its authorisation application by the end of 2025.