A new era for UK bond market transparency
ETS Connect UK, the UK’s appointed bond Consolidated Tape Provider (CTP), today announced the official launch of the service.
The UK bond Consolidated Tape (CT) delivers a single source of real-time bond transaction data for every fixed income trade executed by, or on a UK regulated entity. By providing a consolidated, reliable, and accessible view of bond market activity, the CT supports improved transparency, price formation, and market efficiency – and will change how bond market activity is seen and understood.
Until now, post-trade bond data in the UK has been fragmented across trading venues and publication arrangements, leaving investors, regulators, and other market participants without a complete or timely picture of market activity. The CT changes this, aggregating data from all UK trading venues and Approved Publication Arrangements (APAs) into a single, authoritative stream, standardised across key fields and available to all participants on equal terms. The UK bond CT launches today with contributor coverage at 98%, by notional trade value.
From ambition to reality
Today’s launch is the result of sustained engagement with market participants and the Financial Conduct Authority (FCA), which authorised ETS Connect UK as the CTP in May 2026, and a comprehensive programme of preparation spanning technical onboarding, connectivity frameworks, governance structures, and extensive collaboration with ETS Connect UK’s Consultative Committee, Board of Directors and partners.
Today marks a significant milestone for ETS Connect UK and UK fixed income markets. The consolidated tape is a foundational piece of the UK’s financial data ecosystem, and we have been committed to delivering a high-quality service on time. We look forward to supporting market participants through this transition.Sassan Danesh, CEO at ETS Connect UK
Technical infrastructure
ETS Connect UK operates on a single, standards-based API aligned with the FIX Trading Community’s Recommended Practices to simplify onboarding, ensure fair access and enable seamless integration.
The CT is built on Amazon Web Services (AWS) cloud-native infrastructure to deliver the operational resilience, scalability, and security required of a regulated market infrastructure. AWS continues to support the migration and innovation of critical market infrastructure providers as the industry builds toward the future of capital markets.
We are pleased to support ETS Connect UK in delivering the UK’s first bond Consolidated Tape, a significant regulated market infrastructure that brings greater transparency and improved efficiency to UK fixed income markets. We look forward to continuing our work with ETS Connect UK to scale this platform to serve the fixed income community.John Kain, Director, Worldwide Financial Services at Amazon Web Services (AWS)
Trade associations signal support
We strongly welcome the launch of the UK bond consolidated tape, and the pace at which it has been delivered by ETS Connect UK. This marks an important step forward in strengthening transparency and accessibility in fixed income markets. For the wider bond market, the tape has the potential to enhance price discovery, support liquidity and contribute to more efficient and resilient markets. It also demonstrates what can be achieved when regulators and industry move quickly to deliver practical solutions. The focus now should be on ensuring the data is comprehensive, consistent and usable. If we get that right, the consolidated tape can become a cornerstone of a more transparent, efficient and globally competitive bond market.Victoria Webster, Managing Director Fixed Income at The Association for Financial Markets in Europe (AFME)
AIMA welcomes the launch of the UK Bond Consolidated Tape, a milestone we have long advocated for. By bringing together post-trade data in a single accessible source, the Consolidated Tape will improve transparency, support more efficient execution and help reduce fragmentation in UK bond markets. This is an important step forward for the market, delivering tangible benefits for alternative investment managers and investors alike.Aniqah Rao, Associate Director – Markets, Governance and Innovation at Alternative Investment Management Association (AIMA)
The launch marks a transformative milestone for the UK capital markets, establishing a long-awaited ‘standardised golden source’ of post-trade bond data. As a community of contributors, we believe the tape creates a level playing field by giving all participants equal access to reliable, real-time data. Our close collaboration with ETS Connect UK and the Financial Conduct Authority (FCA) has helped establish a framework built on independence and transparency, reducing information asymmetries and supporting execution oversight. As the operational launch phase begins, we remain committed to ensuring the highest standards of data quality.Alexander McDonald, CEO at European Venues and Intermediaries Association (EVIA) (LEBA)
ICMA warmly welcomes the launch of ETS Connect UK as the UK’s first bond consolidated tape provider. We believe the introduction of a consolidated tape for bonds as a centralised, accessible and affordable source of bond data, supported by a well-calibrated post-trade deferral regime, is an important milestone for the UK market towards greater transparency and data accessibility. We are pleased to have contributed to the consultation and implementation process so far and look forward to continuing our engagement going forward as an observer member of the ETS Connect UK Consultative Committee, as the tape becomes an important part of the UK bond market infrastructure.Bryan Pascoe, Chief Executive at International Capital Market Association (ICMA)
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.David Raw, Managing Director for Markets at UK Finance
With the UK bond CT now live, ETS Connect UK remains committed to ongoing industry collaboration and the continued evolution of the service. Firms can begin the onboarding process at ets-connect.co.uk.
