We’re establishing a consolidated tape (CT) for bonds to collate market data. Find out what this will do and our tender 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).
Our work so far
In July 2023, we published CP23/15[2], setting out proposals for a UK bond CT framework.
In 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).
In April 2024, we published Handbook Notice 117 (PDF)[4] confirming that wouldn't require bond CTPs to make payments to data providers.
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
Next steps
The procurement follows the 2-stage process described in CP23/33.
From March to July 2025 bidders submitted initial and then final versions of their responses to the tender questions for assessing bid quality. The FCA provided written feedback on initial bids to encourage relevant and detailed final bids.
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], and schedule of the draft contract[7] which explains licensing structure referenced in the Q&A document. These documents:
- Provide 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.
- Enable 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.
- Help inform the business models of those considering the potential for using this data to provide value-added services.
Appointing the successful bidder
The tender process was concluded in August 2025, with the appointment of Etrading Software as the successful bidder.
We then received a legal challenge[8] to our decision to award the contract, meaning we cannot enter into a contract with the successful bidder as quickly as planned. We will do so as soon as possible.
We filed an application[9] with the High Court, asking it to lift the suspension on the contract award. We have also submitted the formal legal defence.
