Etrading Software Signs FCA Concession Agreement to Deliver UK Bond Consolidated Tape
Etrading Software has signed a concession agreement with the UK’s Financial Conduct Authority (FCA) to deliver the UK bond Consolidated Tape (CT), formally moving the project into its implementation phase and providing the market with increased certainty around timelines and infrastructure delivery.
The agreement marks the begin of the build and operational delivery programme, which will be led by ETS Connect UK, a subsidiary of Etrading Software. The UK bond CT is intended to improve post-trade transparency in the fixed income market by consolidating bond trading data into a single, accessible tape.
According to Etrading Software, the concession agreement acts as a key programme milestone and will enable the initiative to advance in line with the published roadmap, including contract releases, technical specifications, governance structures, and ongoing industry engagement.
“Signing the agreement marks the formal transition into the implementation phase, during which ETS Connect UK, a subsidiary of Etrading Software, will undertake the build and operational delivery of the UK bond CT.”
Implementation Phase Begins With Contracts, Specs and Industry Governance
Etrading Software said the signing provides a “launch-point” for the programme to progress according to its published timeline. Key upcoming steps include the release of draft and final contracts, publication of technical specifications, the establishment of a CT Consultative Committee, and a structured series of industry engagement activities.
The company said it will continue working closely with the FCA and market participants to ensure the consolidated tape is delivered in a way that supports transparency, accessibility and overall data quality for .
“This milestone provides the launch-point for the programme to advance in line with the published timeline, including the release of draft and final contracts, publication of technical specifications, establishment of the CT Consultative Committee, and a structured series of industry engagement activities.”
Industry engagement is expected to play a central role in shaping implementation, particularly as market participants evaluate connectivity requirements, contractual obligations and the operational model behind the CT. The consultative committee will provide a formal mechanism for ongoing input and oversight, reflecting the wider regulatory intent of building a tape that serves both purchase-side and trade-side stakeholders.
ETS Connect UK will also provide updates via its website and scheduled webinars as delivery progresses, in addition to publishing milestone timelines and programme documentation.
Takeaway
Market Certainty Strengthened Despite Legal Overhang
In the announcement, Etrading Software emphasised that the concession agreement gives market participants greater confidence to invest in connecting to the UK bond CT, particularly in light of the wider legal context surrounding the programme.
It said the agreement provides a firm contractual basis for delivery and reduces the risk of disruption from ongoing legal proceedings, which has been a point of concern for some participants as the UK bond CT framework develops.
“The signing of the concession agreement provides market participants the confidence to invest in connecting to the UK bond CT, secure in the knowledge that delivery of the infrastructure will proceed on a firm contractual basis and will not be disrupted by ongoing legal proceedings.”
The statement underscores the importance of certainty in infrastructure programmes that require coordination across venues, dealers, data providers and technology vendors. Connectivity work, data mapping, integration testing and operational readiness can be costly and time-consuming, making contractual clarity a key condition for broad market participation.
For , consolidated tape delivery also raises practical questions around data standards, latency, licensing terms, reporting completeness and how users will consume the tape. The implementation phase will therefore be closely watched by both trading firms and data consumers as technical details and contractual frameworks are published.
Takeaway
ETS Connect UK to Build and Operate ‘Mission-Critical’ Market Infrastructure
The build and operational delivery will be executed by ETS Connect UK, described as a subsidiary of Etrading Software established for the mandate. The company positioned itself as a provider of “robust, transparent, and cost-effective answers,” with a focus on mission-critical platforms across asset classes.
While the announcement did not detail technical architecture, it emphasised operational delivery, stakeholder communication and long-term value, aligning the CT programme with broader regulatory initiatives to modernise market structure and improve transparency.
Sassan Danesh, of Etrading Software, framed the consolidated tape as a transparency and market-functioning initiative, with a focus on delivering quality and durable value across the market ecosystem.
“Our focus remains on delivering a high-quality CT that enhances transparency, supports efficient market functioning, and provides long-term value to all participants.”
In the UK context, the bond consolidated tape is widely viewed as a structural improvement designed to strengthen price discovery and post-trade transparency in fixed income markets—areas that have historically lagged behind equities due to fragmentation and .
Etrading Software said ETS Connect UK will continue to update stakeholders through its website and scheduled webinars as the delivery progresses, with key milestone timelines also available to participants.
“ETS Connect UK will continue to update stakeholders through the ETS Connect UK website and scheduled webinars as the delivery progresses.”
