Etrading Software Statement on the UK Bond Consolidated Tape Contract
London, UK
24 September 2025 – Etrading Software welcomes the FCA’s award of the UK bond consolidated tape (CT) contract, a pivotal step in advancing market transparency, liquidity, and efficiency across UK bond markets.
The award of this contract, which we consider followed a fair and transparent procurement process, has unfortunately been suspended due to a legal challenge from Ediphy. While we respect the right of bidders to pursue legal avenues, we also recognize that every day of delay hampers the UK’s ability to improve price discovery and increase liquidity in UK bond markets. The CT is a foundational piece of the UK’s financial data ecosystem, central to the objectives of the Edinburgh Reforms and the Wholesale Markets Review, including transparency, market resilience, and competitiveness.
“We strongly advocate that the suspension be lifted urgently to stop the UK falling behind global peers in wholesale market data infrastructure. We are eager to deliver our world-class CT solution so that UK financial markets can reap the benefits of this new data infrastructure, while any ongoing legal challenge proceeds independently.”
– Sassan Danesh, CEO of Etrading Software
Implementing the bond CT will cement London’s position as a global financial hub, reinforce the Edinburgh Reforms’ vision of open and efficient markets, and demonstrate that the UK treats data infrastructure with the same urgency and strategic focus as physical infrastructure.
Next steps
While market participants continue to wait for the establishment of the UK and EU bond CTs, we will continue to invest in our ETS Connect Premium service.
ETS Connect Premium is an aggregated, cleansed and enriched post trade transaction data service across both UK and EU. Market participants can access ETS Connect Premium through a simple registration process at ets-connect.org. The service is free until the end of 2025.
For media inquiries, please contact:
Sherelle Lancaster – Marketing & PR Manager
sherelle.lancaster@etradingsoftware.com
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