We’re establishing a consolidated tape (CT) for bonds to collate market data. Find out what this will do and our work 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.
We are also considering the design of a CT for equities, which will include shares and exchange traded funds (ETFs).
CT framework for bonds
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1
July 2023
We set out proposals for a UK bond CT framework (CP23/15[2]).
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2
December 2023
We published CP23/33[3] 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).
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3
April 2024
We confirmed that we wouldn't require bond CTPs to make payments to data providers (Handbook Notice 117 (PDF)[4]).
Appointing a CT provider
On 7 March 2025, we launched the FCA’s tender process to appoint a bond CTP.
We made the Tender Notice and accompanying documents – the Invitation to Tender (ITT) and the draft contract between the FCA and the CTP – available to potential suppliers via a third-party procurement portal.
The tender documents explain the:
- award process
- standards and requirements the CTP will need to meet
- licences the successful bidder will provide to CT users
- instructions on how to participate in the tender
- information firms must submit as part of the process
Procurement followed the 2-stage process set out in CP23/33.
1. Bids
From March to July 2025, bidders submitted initial and then final versions of their responses to the tender questions for assessing bid quality.
We provided written feedback on initial bids to encourage relevant and detailed final bids.
2. Auction
On 4 August 2025, we opened the price auction.
We also published:
- the invitation to tender[5]
- a selection of bidder questions and FCA responses[6]
- the schedule of the draft contract[7] which explains licensing structure
Publishing these documents:
- Provides data contributors with information on the minimum quality standards they can expect from the CTP, in particular key performance indicators on data availability and service speed.
- Enables users to be well informed about the key components of the licensing regime set by the FCA which the CTP will need to adopt. Users will form an important part of the CTP’s consultative committee and will need to engage constructively as the CTP establishes the details of this licensing regime supported by end-user licence agreements.
- Helps inform the business models of those considering the potential for using this data to provide value-added services.
Delivering a CT service
The tender process ended in August 2025, with the appointment of Etrading Software (ETS) as the successful bidder.
We then received a legal challenge[8] to our decision to award the contract, meaning we could not enter into a contract with the successful bidder as quickly as planned.
We filed an application[9] with the High Court, asking it to lift the suspension on the contract award. We also submitted our formal legal defence.
In December 2025, the High Court lifted the suspension[10] on the bond CT contract signature. This meant that we were free to both move forward on delivering the tape and continue defending the legal challenge in tandem.
In January 2026, we signed a contract with ETS to provide the UK bond CT service.
We have published the CTP contract[11] on the Find A Tender service.
Next steps
ETS has applied for authorisation as the UK bond CTP. We intend to make a decision on authorisation in Q1 2026.
ETS aims to launch the UK bond CT service on 22 June 2026.
