WHY THIS MATTERS
The formal authorization of ETS Connect UK by the Financial Conduct Authority (FCA) on May 26, 2026, removes the final regulatory hurdle for the highly anticipated launch of the UK bond Consolidated Tape (CT). Scheduled to go live on June 22, 2026, this infrastructure represents a structural overhaul of the UK’s fixed-income landscape, fulfilling a core post-Brexit mandate under the revised UK Markets in Financial Instruments Regulation (UK MiFIR).
Historically, the £2 trillion UK bond market has operated in a fragmented, semi-opaque manner. Unlike equities, which trade on centralized exchanges with highly visible price feeds, corporate and sovereign bonds are primarily traded over-the-counter (OTC) across a disjointed network of independent trading venues and Approved Publication Arrangements (APAs). This fragmentation obscures true market liquidity, complicates best-execution compliance for asset managers, and inflates the cost of price discovery. As the officially designated Consolidated Tape Provider (CTP), ETS Connect UK—a dedicated subsidiary of fintech pioneer Etrading Software—will operate as a centralized public utility. It will ingest, normalize, and validate real-time post-trade transaction data from every regulated entity in the country, providing the entire market with a singular, reliable source of truth.
ETS Connect UK today announces that it has been authorised by the Financial Conduct Authority (FCA) as the Consolidated Tape Provider (CTP) for UK bond markets. This authorisation represents a significant milestone in the delivery of the UK bond Consolidated Tape (CT) and enables ETS Connect UK to progress with full implementation in line with the planned go-live date of 22 June 2026.
The authorisation confirms that ETS Connect UK has demonstrated that it meets the applicable regulatory requirements to operate the UK bond CT. It follows a detailed assessment process conducted by the FCA across governance, operational and technical frameworks.
The authorisation reflects a further step towards delivering the UK bond CT within a defined timeframe, supported by a clear focus on implementation readiness and engagement with market participants.
ETS Connect UK has undertaken extensive work to establish the infrastructure, controls, and processes required to support a high-quality and resilient CT. This includes the development of technical specifications, onboarding frameworks, governance structures, and engagement with market participants to support readiness.
“This authorisation provides the market with confidence that the launch of the UK bond Consolidated Tape remains on track. By setting out clear timelines and consistently meeting key milestones, we have provided market participants with the certainty required to invest in their own readiness for go-live.” – James Haskell, COO at Etrading Software
The UK bond CT is intended to provide a consolidated, reliable, and accessible view of bond market activity, supporting improved transparency, price formation, and market efficiency.
ETS Connect UK will focus on coordination activities with market participants to support final preparations for an orderly launch of the service.
FF NEWS TAKE
Etrading Software’s regulatory triumph is a massive validation of its “neutral utility” playbook, concluding a highly litigious battle for the CTP crown. The FCA originally selected Etrading Software for the 5-year, £4.8 million contract back in September 2025. However, the rollout was abruptly frozen when competing bidder Ediphy mounted a high-profile High Court challenge over the procurement process. The legal gridlock threatened to severely compromise the UK’s timeline until the High Court lifted the injunction in December 2025, allowing Etrading Software to officially sign its concession agreement in January 2026.
Under CEO Sassan Danesh and COO James Haskell, ETS Connect UK has taken a hardline stance on infrastructure egalitarianism by deploying a single, open-source FIX Protocol API for all data contributors, explicitly rejecting the lucrative trend of upselling proprietary, vendor-locking interfaces. This approach has drastically simplified the technical onboarding process for institutional desks rushing to meet the June deadline. By successfully anchoring the UK bond tape, Etrading Software is rapidly building the momentum required to capture further international mandates; the firm recently launched its Transparent Markets Europe initiative in Amsterdam to aggressively bid for the forthcoming EU OTC derivatives consolidated tape, positioning itself as the premier global architect of modern macro market transparency.