About

Regulatory Mandate

The Regulatory Mandate of ETS Connect UK (the UK bond Consolidated Tape provider)

ETS Connect UK is an integral part of the UK drive for more transparent, integrated, and efficient capital markets. Mandated under the revised UK Markets in Financial Instruments Regulation (UK MiFIR), the UK bond Consolidated Tape plays a vital role in delivering on the UK gross ambition for financial services.

ETS Connect UK will be regulated and supervised by the Financial Conduct Authority (FCA) tasked with offering a single, accurate and reliable source of real-time post-trade information across UK trading venues and Approved Publication Arrangements (APA). By aggregating, normalising and validating data on executed trades fixed income, ETS Connect UK enables all market participants – investors, regulators, venues, and data users – access to high quality, reliable post-trade fixed income market data.

Under UK MiFIR, all trading venues and Approved Publication Arrangements (APAs) are required to submit post-trade data to ETS Connect UK. This ensures the UK bond Consolidated Tape reflects a complete and harmonised view of activity across the UK, closing critical transparency gaps across the UK’s capital markets.

Clients of ETS Connect UK benefit from non-discriminatory access, low fees and simple licensing terms. Our governance, along with oversight from the FCA, ensures a strong focus on transparency, data quality, security, and operational resilience.