UK bond market gets real-time data via consolidated tape
Investors and market participants can now access a single, real-time source of prices and trading activity across the UK bond market. This follows the launch of the UK bond consolidated tape, operated by ETS Connect UK, which consolidates previously scattered data.
Transparency rules deliver
The new consolidated tape builds on significant changes to the UK's bond market transparency rules, which took effect in December 2025.
These prior reforms dramatically increased real-time reporting, with corporate bond trades rising from under 5 percent to over 75 percent, and government bond reporting increasing from 30 percent to approximately 80 percent.
In certain smaller market segments, real-time reporting saw a more than 50-fold increase.
The consolidated tape represents the final step, offering a single, comprehensive view of this expanded data.
Simon Walls, executive director of markets at the FCA, emphasized that 'Good markets run on good information,' stating the launch provides investors with a clear, reliable, and comprehensive view of UK bond trading for the first time.
The service covers 98 percent of in-scope bond trading, with the FCA supervising ETS Connect UK for data quality and reliability over its 5-year contract.
UK leads, eyes equity tape
The UK is the first country outside North America to launch a consolidated tape for bonds, a move widely welcomed by industry bodies.
UK Finance, ICMA, AFME, and the Investment Association all highlighted the tape's potential to enhance transparency, efficiency, and liquidity in bond markets.
David Raw of UK Finance emphasized its role in strengthening the UK's position as a global financial centre.
Bryan Pascoe of ICMA noted the tape's support for improved execution assessment and broader market participation.
The FCA also confirmed its commitment to delivering a similar consolidated tape for equities, as part of a wider programme to improve transparency and data access across all UK markets.