Trading technology provider Etrading Software has been named the UK bond consolidated tape provider (CTP) by the UK’s Financial Conduct Authority’s (FCA).
Etrading Software beat out three other bidders to win the contract, the watchdog confirmed.
Specifically, the firm will take on a contract valued at £4.8 million including VAT to deliver the tape, estimated to begin on 5 January 2026 for a five-year period.
The decision comes at the end of the tender process for the tape, which was launched in March 2025 followed by a price auction in August, with four applications received in total, and three tenders assessed in the final stage.
Additional bidders in the tender process included Ediphy (fairCT), TransFICC and BondTape, a consortium between Finbourne Technology and Propellant Digital.
Speaking to The TRADE about the decision, Neil Ryan, chief executive-designate and project lead at BondTape, said: “Congratulations to the ETS team and we welcome the final part of the journey to present a high quality, transparent and competitively priced bond tape to the UK markets.”
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The delivery of a consolidated tape for bonds is expected to collate trades executed on trading venues as well as over-the-counter (OTC) trades, in an effort to provide the market with greater transparency and liquidity.
The announcement follows news in July that the European Securities and Markets Authority (ESMA) had selected Ediphy (fairCT) to be the first CTP for bonds in the EU, following a six-month application assessment process.
The FCA confirmed that the award notice, announced on 29 August, is now followed by an eight-day standstill period, whereby unsuccessful bidders will have the opportunity to challenge the authority’s decision.
Etrading Software declined to comment when contacted by The TRADE.