Investors and market participants can now access a single, real-time source of prices and trading activity across the UK bond market, following the launch of a new bond consolidated tape operated by ETS Connect UK.
The service brings together trading data from across the market into one central source, providing users with a comprehensive view of bond trading activity for the first time.
Previously, bond trade data was spread across multiple sources, making it difficult to build a complete picture of market activity.
The launch follows changes to the UK’s bond market transparency rules introduced in December 2025, which significantly increased the volume of trades reported in real time.
Since the reforms took effect, the proportion of corporate bond trades reported immediately has risen from less than 5% to more than 75%.
For government bonds, real-time reporting has increased from around 30% to approximately 80%.
In some smaller market segments, the level of real-time reporting has increased more than 50-fold.
The consolidated tape is designed to build on those improvements by providing a single, consolidated view of trading data across the market.
The UK is the first country outside North America to introduce a consolidated tape for bonds.
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FCA executive director of markets Simon Walls said: “Good markets run on good information. Today’s launch of a consolidated tape gives investors a clear, reliable and comprehensive view of UK bond trading for the first time.
“The UK is a global leader in fixed income issuance and trading, and this is another important delivery in enhancig the competitiveness of the UK as a leading centre of finance.”
The service launches with 98% coverage of in-scope bond trading activity.
The FCA will supervise ETS Connect UK throughout its five-year contract to help ensure the quality and reliability of the data provided.
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