Until now, data on bond trades was scattered across multiple sources, making it difficult to get a clear and complete picture of market activity. The new service brings it all together in one place.
The launch builds on changes to the UK’s bond market transparency rules that came into force in December 2025. Those changes have already made a real difference. The share of corporate bond trades reported in real time rose from under 5% to over 75%, and for government bonds from around 30% to approximately 80%. In some smaller parts of the market, real-time reporting increased more than 50-fold. The consolidated tape is the final step, giving users a single, comprehensive view of all that data.
The UK is the first country outside North America to launch a consolidated tape for bonds.
Simon Walls, executive director of markets at the FCA, 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 enhancing the competitiveness of the UK as a leading centre of finance.’
The service launches with 98% market coverage of in-scope bond trading. The FCA will supervise ETS Connect UK throughout its 5-year contract to ensure data quality and reliability.
Notes to editors
- The service covers post-trade transparency data for bonds admitted to trading on UK venues. Exchange-traded notes (ETNs) and exchange-traded commodities (ETCs) are excluded.
- ETS Connect UK was appointed following a competitive two-stage tender process launched in March 2025.
- A legal challenge to the contract award was discontinued by Ediphy in May 2026.
- The service operates under a 5-year contract, supervised by the FCA against standards on data quality, completeness and timeliness.
- The FCA is also working at pace to deliver a consolidated tape for equities, choosing to start with bonds following consultations with market participants. The launch forms part of a wider programme to improve transparency, data quality and access across UK markets and builds upon the delivery of the near-50 measures set out in January 2025 to drive growth.
- David Raw, Managing Director for Markets, UK Finance, said: ‘UK Finance welcomes today’s milestone launch of the bond consolidated tape. As a leading global centre for bond markets, the UK stands to benefit significantly from this development. Our members have championed this consolidated tape which will strengthen bond markets by enhancing transparency, efficiency and liquidity. We stand ready to support the FCA with the future launch of an equity consolidated tape, an equally vital strand for UK capital markets.’
- Bryan Pascoe, chief executive of the International Capital Market Association (ICMA), said: ‘ICMA welcomes the launch of the UK’s first bond consolidated tape. We have long supported the introduction of a consolidated tape as an accessible and affordable source of post‑trade data. It will support improved execution assessment, richer analytics and broader participation across UK bond markets. ICMA is very pleased to have contributed actively throughout the consultation and implementation processes and we look forward to continuing to participate as an observer member of the ETS Connect UK Consultative Committee.’
- Victoria Webster, Managing Director – Fixed Income at Association for Financial Markets in Europe (AFME), said: ‘We welcome the UK bond consolidated tape as a major step for market transparency and access. It can improve price discovery, support liquidity and strengthen efficiency. With high-quality, usable data, it could become a cornerstone of a more transparent, efficient and globally competitive bond market.’
- Hugo Gordon, Head of Capital Markets at the Investment Association, said: ‘The Investment Association welcomes the launch of the bond consolidated tape, a significant moment in the development of UK capital markets. This tape will enhance transparency and liquidity, and increase the ability of a wide range of bond investors to access the data they need to inform their investment decisions. We look forward to continuing to work with the FCA ahead of the future launch of the equity and ETF tape.’
