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).
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 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 3 December 2024, we published a Concession Notice on the Find a Tender service. The Concession Notice stated that we would publish tender documents for the process to appoint a bond CTP by 31 January 2025.
We subsequently announced that there would be a delay to the publication of tender documents to ensure firms have all the necessary information to facilitate a robust tender process resulting in a high-quality CT.
We confirm that these tender documents will be published by 7 March 2025. Given this revised publication date, we will be cancelling the original Concession Notice and will conduct the procurement of a bond CT under the Procurement Act 2023. The tender will follow the two-stage process described in CP23/33.
Once published on our procurement portal, the tender documents will contain details of:
- the award process
- the licences the successful bidder will need to provide
- how to participate in the tender and the information firms have to submit to us as part of the application process
We will also publish a draft contract between the CTP and the FCA.
Potential bidders will need to register in our procurement portal to access the relevant documentation. You can also ask questions about the tender by registering your interest in the relevant opportunity on the portal.