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.
A CT collates market data, such as prices and volumes associated with trades in a financial market. It aims to provide a comprehensive picture of transactions in a specific asset class.
It will bring together trades executed on trading venues as well as those arranged over-the-counter.
We expect a CT to strengthen UK markets by making them more transparent 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 CT provider (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
We are working with DotEcon Ltd to finalise the tender design to appoint a bond CTP. We will share updates on the progress of this work, including commencement of the tender, on this page. We expect to commence the tender before the end of 2024.
We would like anyone who is potentially interested in taking part in the tender process for appointing the bond CTP to contact us by 13 September 2024. This will allow us to ensure we are in contact with all relevant parties when making decisions to finalise the tender process.
Please email [email protected] to let us know of your potential interest.