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Getting the show on the
road
For those working in and around fixed income, the idea of a consolidated tape( CT) has long been a dream just out of reach, however, developments over the past few months are beginning to see the vision realised. The introduction of Mifid II in 2018 arguably sparked the push for a tape to, as described by AFME,“ democratise access for all investors,” and“ contribute to the creation of a truly pan-European market”.
Consequently, on 3 July 2025, The European Securities and Markets Authority( ESMA) selected collaborative initiative, fairCT, co-ordinated by Ediphy, to become the first consolidated tape provider( CTP) for bonds in the EU. In contrast, for the UK tape,
As consolidated tapes in the UK and EU increasingly begin to move from dream to reality, albeit with some hurdles in the road, NATASHA COCKSEDGE delves into what’ s to come next and explores opinions on the endeavour from those in the fixed income world.
reality is not approaching quite so quickly.
On 29 August, the Financial Conduct Authority( FCA) granted the UK CTP contract to Etrading Software, however on 24 September, the tender decision received a legal challenge brought forward by Ediphy, following recent standstill extensions to the tender confirmation, marking a delay in the process.
Commenting on their decision, Ediphy said: " We have raised our concerns with the tender process through the appropriate formal channels. Our objective is, and will continue to be, to ensure a fair and transparent process that serves the best interests
50 // TheTRADE // Q3 2025