Ediphy has consented to lifting the suspension of the UK Financial Conduct Authority’s (FCA) bond consolidated tape contract, awarded to Etrading Software.
Specifically, Ediphy has said that this decision has been driven by a need to prioritise certainty for the UK bond market, and prevent any further delays to the tape’s delivery, ensuring the conclusion of Etrading Software’s contract.
Additionally, despite the suspension removal, Ediphy will maintain its claim for damages in the High Court.
The firm also reiterated its drivers behind its claim, detailing “unmanaged conflicts of interest”, referencing a senior individual’s dual involvement with the FCA and Etrading Software, as well as “irrationality and auction integrity failures” during the closing stages of procurement.
Chris Murphy, chief executive of Ediphy, said: “We are clearing the path for the contract to be signed because the market needs certainty. While our claim for damages remains in place, we are transitioning our role from challenger to observer. We will be watching to ensure the winner delivers exactly what was promised in the tender, without the service degradation or cross-subsidisation that a £0.68 price tag implies.”
The news comes more than two months after Ediphy first challenged the FCA’s decision to award Etrading Software the consolidated tape provider (CTP) mandate in September 2025.
Read more – Etrading Software submits witness statement to support FCA’s appeal to the High Court on bond CT
Following the lifting of the suspension, Etrading Software will continue to work towards the delivery of the tape, currently scheduled to go live on 22 June 2026.
In the build-up to the tape, the firm will also engage with market stakeholders, and release technical specifications, publication of contracts and fee levels, formation of a consultative committee, and launch a series of webinars to help the industry prepare.
Read more – FCA asks High Court to lift suspension on bond consolidated tape award
Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, said: “We welcome Ediphy’s recent decision not to oppose the FCA’s application to lift the suspension on the UK Bond Consolidated Tape contract. Their decision helps bring greater certainty to the UK market, and reflects a strong desire across the industry to ensure that this important infrastructure can progress without unnecessary disruption.”
“The two transparency initiatives are complementary, and as such, we believe the two tape providers have a moral responsibility to work collaboratively to support each other, their common clients, and public authorities on both sides of the Channel.”
More to follow…