How we selected the UK bond Consolidated Tape Provider Consultative Committee

Today we announced the members of the ETS Connect UK Consultative Committee. Given the importance of the consolidated tape as a regulated market infrastructure, we believe it is appropriate to provide transparency into how the committee has been constituted and the principles that guided our selection process. 

A Strong and Competitive Field 

We were encouraged by both the quality and breadth of applications received. The level of engagement reflects the significance of the UK bond Consolidated Tape (CT) to a wide range of stakeholders.

The number of high-quality applicants exceeded the available seats. As a result, a structured and criteria-based selection process was essential to ensure the Committee reflects the needs of the market as a whole.

Governance Framework 

The composition of the Committee follows the framework set out in the Charter, which provides for: 

• a maximum of 20 voting members; and
• minimum representation across stakeholder categories: 11 data users, three data contributors, three vendors and one academic.

Within that framework, our objective was to achieve both compliance with the Charter and balanced representation across the ecosystem.

In allocating seats, we gave particular weight to the critical role of data contributors in ensuring the operational success and resilience of the consolidated tape. Accordingly, we increased representation in the data contributor category beyond the minimum required in the Charter. This reflects the central importance of robust contributor engagement to data quality, resilience and effective implementation.

The final composition of the Committee is: 11 data users, five data contributors, three vendors, and one academic. 

Selection Approach by Category

Users 

For user representatives, we sought diversity across: 

• large global institutions;
• UK-focused firms;
• European market participants; and 
• smaller and advisory firms.

This ensures that the tape’s development is informed by a broad range of use cases and perspectives.

Data Contributors 

In selecting data contributors, we considered diversity of representation across:

• APAs and trading venues;
• sovereign markets and credit markets; and
• dealer-to-dealer platforms and dealer-to-client venues.

Our objective was to position the Committee to better address: 

• reporting consistency; 
• resilience of connectivity and fallback arrangements; 
• asset-class-specific considerations in rates versus credit; and
• practical onboarding and testing processes.

Vendors

For the vendor category, we applied criteria designed to reflect the purpose of that seat within the Charter. In particular, we focused on vendors that: 

• provide analytics services, especially to smaller buy-side firms;
• have broad distribution networks, including to smaller buy-side firms; and
• can contribute constructively to discussions on standards, data quality and resilience.

Within the shortlisted candidates, we prioritised individuals with strong buy-side experience, recognising the importance of transparency to best execution and pricing integrity.

A Balanced and Proportionate Committee 

The resulting Committee reflects: 

• the governance requirements of the Charter; 
• a commitment to balanced stakeholder representation; 
• an emphasis on operational resilience and data integrity; and
• the need to maintain proportionate membership. 

We are grateful to all applicants for their engagement. The strength of the applicant pool underlines the importance of the UK bond CT to the wider market.

The Consultative Committee will operate transparently and constructively as we move towards implementation, and we look forward to working closely with all stakeholders — including those not appointed to the Committee — as the tape evolves.