EU consolidated tape provider (CTP) for bonds, fairCT, has secured backing from five major institutional investors, providing fresh momentum as the tape draws closer to launch.
Francesco Cicero
Alongside Ediphy, which ran the CTP bid and is providing the technology platform for the tape, Barclays, Citadel Securities, Deutsche Bank, TP ICAP and UBS Investment Bank are set to provide technology infrastructure and institutional market structure experience to support the tape’s delivery and bolster European market growth.
“We are thrilled to have such an exceptional group of institutions backing fairCT from the outset,” said Francesco Cicero, chief executive of fairCT.
“The combination of leading market participants who have a genuine stake in how the European bond market evolves, alongside the technology platform Ediphy Group has built to our exacting standards, gives fairCT the strongest possible foundation. We are ready to deliver.”
The European Securities and Markets Authority (ESMA) is currently engaging in the authorisation process for the tape, which will go live when an ‘80/80’ condition is met.
Specifically, this means that the launch of the tape is dependent on when connectivity is secured with at least 80% of European trading venues and APAs by number, which represents a minimum of 80% of traded volume.
Moreover, the tape will be accessible either through fairCT’s APIs and GUI or via licensed redistributors, and pricing is set to be published either at or prior to authorisation.
Stephen Berger, global head of government and regulatory policy at Citadel Securities, commented: “The consolidated tape promises to enhance transparency, deepen liquidity, improve outcomes for investors, increase competition and make markets more resilient. fairCT is uniquely positioned to help deliver on these objectives, and to further deepen and integrate EU capital markets.
“Strengthening the foundation of, and catalysing growth in, the European bond markets will benefit all market participants, including companies seeking to raise capital.”
The addition of these institutional investors to the tape’s delivery comes almost a year after Ediphy (fairCT) was selected by ESMA to be the first CTP for bonds in the EU.
The group – which also consists of Google Cloud, UBS, TP ICAP, Cboe Global Markets, FactSet, and Norges Bank Investment Management – initially entered the tender process in January 2025, beating out three other bidders in the tape’s race.
The institutional backing also aligns with an uptick in developments for the UK bond tape counterpart, which is currently scheduled to go live at the end of this month, on 22 June.
At the end of May, ETS Connect secured authorisation to deliver the tape from the Financial Conduct Authority (FCA), paving the way for the tape’s go-live, and marking a culmination of the regulatory process, after an assessment process including governance, operational and technical frameworks.