Today’s statement from the FCA provides important clarity for the industry on the next steps toward delivering the UK bond Consolidated Tape (CT).
By applying to the High Court to lift the automatic suspension on the contract award, the FCA has given the market a clear signal of its intention to progress the tape while addressing the legal challenge in parallel. This clarity matters.
Today’s update reduces uncertainty and enables the industry to continue reserving budgets, preparing resources, sequencing workstreams, and aligning 2026 roadmaps with greater confidence.
Subject to contract signature, Etrading Software remains committed to supporting the earliest feasible delivery of the UK bond CT. This includes:
• Coordinating with data contributors and end users
• Establishing the ETS Connect UK consultative committee
• Supporting onboarding and testing
• Delivering a resilient, high-quality service aligned with market expectations
• Establishing the ETS Connect UK consultative committee
• Supporting onboarding and testing
• Delivering a resilient, high-quality service aligned with market expectations
As the legal process progresses, we will continue to engage market participants on the progress being made towards delivering this critical piece of market infrastructure.
Etrading Software is a financial technology company focused on providing market participants with robust, transparent, and cost-effective market infrastructure solutions. The company specialises in the design and operation of mission-critical platforms across asset classes, supporting global regulatory initiatives and promoting industry-wide collaboration.
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