ETS Connect UK wins out following FCA bond consolidated tape authorisation

ETS Connect UK has officially won the race to become the UK bond markets’ consolidated tape provider (CTP), after securing authorisation from the Financial Conduct Authority (FCA).  

The authorisation marks a culmination of the regulatory process for the firm, following the granting of a £4.8 million contract to Etrading Software in September 2025, allowing the firm to deliver the tape for a five-year period.  

The news aligns with the planned go-live of the tape on 22 June 2026, and allows ETS Connect UK – Etrading Software’s dedicated CT subsidiary – to continue with full implementation readiness and engagement with market participants ahead of delivery.  

Speaking to The TRADE, Sassan Danesh chief executive of Etrading Software, said: “The authorisation of the UK bond consolidated tape provider marks the final step in the regulatory process and moves our focus firmly onto adoption. The tape creates a single, standardised view of post‑trade bond market activity, providing a more consistent reference point for pricing and execution analysis.” 

The licensing allows follows an assessment process conducting by the FCA, which spanned governance, operational and technical frameworks.  

In preparation for the tape’s delivery, ETS Connect UK has taken several steps to establish the required infrastructure, control and processes for an effective CT.  

These include the release of draft and final contracts, publication of technical specifications, the establishment of a consolidated tape consultative committee, and a structured series of industry engagement activities.  

Highlighting next steps following the authorisation, Danesh also added: “The key now is how quickly firms start using that data within their workflows and the advantage that brings from day one.” 

The path to authorisation has not been entirely smooth, and in late September 2025, the UK bond CT tender process came under fire from competing bidder, Ediphy, following a formal challenge against the FCA’s decision to award Etrading Software the CTP mandate.  

The suspension of the contract was subsequently lifted in December 2025, with Ediphy stating that the decision was driven by a need to prioritise certainty for the UK bond market, and prevent any further delays to the tape’s delivery.