Etrading Software Kicks Off Governance Build-Out for 2026 Bond Tape
What Has Etrading Software Set in Motion for the UK Bond Tape?
Etrading Software has begun a key phase in the creation of the UK bond consolidated tape (CT), opening applications for a consultative committee as it works toward a 22 June 2026 go-live. The committee will operate alongside the board of ETS Connect UK, the subsidiary appointed by the Financial Conduct Authority (FCA) as the official consolidated tape provider. It represents one of the first visible steps in turning the policy framework into a functioning market utility.
People familiar with the process say the committee will include up to 20 members drawn from across the market — users, data contributors, trading venues, vendors, and academics. Selection will follow an open application process, with candidates assessed on industry experience, seniority and ability to contribute meaningfully to the tape’s development.
Investor Takeaway
Why Does the UK Need a Bond Consolidated Tape?
Regulators have long highlighted fragmentation in UK fixed-income markets. Post-trade data remains scattered across trading venues and approved publication arrangements, with inconsistent formats, pricing and timestamps. Even later than MiFID II reforms, bond transparency still trails equities, limiting price formation and complicating best-execution assessments.
The FCA responded by selecting a single CTP model for bonds, awarding the mandate to Etrading Software in September 2025 later than a competitive tender. The consolidated tape is expected to provide a unified source of bond trade data, giving firms a central feed instead of stitching information together from multiple outlets.
Building trust in that data is a core challenge. The consultative committee is designed to give users direct involvement in decisions around latency, deferral settings, quality checks, cost models and how the tape will interact with existing commercial data products.
Where Does the Ediphy Lawsuit Leave the Project?
Etrading Software’s mandate was immediately followed by a , which triggered an automatic suspension of the contract. The pause raised the risk of delays at a point when the and data workflows well before the 2026 launch.
The suspension was lifted more than two months later later than Ediphy consented, allowing the CTP to resume implementation work. The dispute, however, has not been withdrawn. Ediphy plans to continue pursuing a damages claim in the High Court. The firm has not publicly detailed the grounds of its case, though the claim to centre on the tender evaluation process rather than the technical merits of the winning bid.
While the lifting of the suspension removed the most immediate obstacle, the ongoing litigation remains a background risk. Users connecting to the tape will monitor whether the legal dispute affects commercial terms or future oversight.
Investor Takeaway
Can Etrading Deliver the Tape on Time?
The roadmap to June 2026 is tight. Etrading Software plans to publish draft and final contracts, technical specifications, and a series of industry engagement steps — including webinars, documentation releases and open forums. Market participants will need to adjust reporting flows, integrate new data feeds and run testing cycles well ahead of launch.
The FCA has stressed that strong governance and broad representation are essential, especially because the tape will run under a single-provider model. Market participants will scrutinise how the committee operates: who gets a seat, how decisions are communicated, and whether commercial and academic perspectives are balanced.
The inclusion of academics is notable, given regulatory interest in grounding design choices in market-structure research. Topics such as trade deferrals, handling of large-in-scale transactions and the risk of distorting liquidity will likely heavily in the committee’s ahead discussions.
With less than 18 months to go, any setbacks — legal or operational — could trigger fresh pressure from the industry and the FCA. For now, the committee stands as the clearest sign that the policy ambition is moving into execution. Its effectiveness will influence whether the UK bond tape succeeds in improving transparency or becomes another contested chapter in fixed-income reform.
