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[1], setting out proposals for a UK bond CT framework.
In December 2023, we published CP23/33[2] 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)[3] 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[4] (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[5] 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[2].
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[6] to access the relevant documentation. You can also ask questions about the tender by registering your interest in the relevant opportunity on the portal.