FCA ETS Connect UK bond consolidated tape

The development follows changes to UK bond market transparency rules that came into force in December 2025. Those reforms already produced a measurable shift: the proportion of corporate bond trades reported in real time rose from under five per cent to over 75 per cent, while for government bonds the figure moved from approximately 30 per cent to around 80 per cent.

In some smaller market segments, real-time reporting increased more than fiftyfold. The consolidated tape brings all of that data into a single accessible feed, with 98 per cent coverage of in-scope bond trading at launch. The UK is the first jurisdiction outside North America to deploy such a service.

Simon Walls, executive director of markets at the FCA, described the launch as delivering “a clear, reliable and comprehensive view of UK bond trading for the first time,” underlining the regulator’s position that quality data infrastructure is foundational to competitive markets.

ETS Connect UK was appointed following a competitive two-stage tender process launched in March 2025, and the service operates under a five-year contract subject to FCA supervision against standards on data quality, completeness and timeliness. A legal challenge to the contract award brought by Ediphy was discontinued in May 2026.

The implications for legal practitioners extend well beyond the financial services sector. In-house counsel at asset managers, banks, and trading venues will need to understand what the new transparency regime demands of their institutions, including revised obligations around trade reporting, data governance, and the use of third-party data services.

For law firms advising those clients, the five-year FCA supervisory contract creates ongoing compliance obligations monitored by the regulator for its full duration, generating a consistent stream of advisory work in financial regulation, data licensing, and market infrastructure.

David Raw, Managing Director for Markets at UK Finance, described the launch as a milestone that will strengthen bond markets by enhancing transparency and liquidity. Bryan Pascoe, chief executive of the International Capital Market Association, welcomed the tape as “an accessible and affordable source of post-trade data” that will support improved execution assessment.

Victoria Webster, Managing Director for Fixed Income at the Association for Financial Markets in Europe, said the service could become a cornerstone of a more transparent and globally competitive bond market. Hugo Gordon, Head of Capital Markets at the Investment Association, pointed to the tape’s capacity to broaden data access for bond investors across the market.

The launch also signals the direction of travel for equities. The FCA has confirmed it is working to deliver a consolidated tape for equities and exchange-traded funds, having started with bonds following consultation with market participants. Firms with capital markets, financial regulation, and fintech practices should expect a repeat advisory cycle when that process accelerates.

The legal work generated by procurement challenges, illustrated here by the Ediphy litigation, suggests that future tender processes for the equities tape may attract similar scrutiny, and that specialist public procurement and financial services counsel will be well placed to advise potential operators and challengers alike.