Etrading Software has signed a concession agreement with the Financial Conduct Authority (FCA), formally triggering the implementation phase of the UK’s bond consolidated tape (CT).
Under the agreement, Etrading Software – through its subsidiary ETS Connect UK – will commence the building and operational delivery of the UK bond CT.
The watchdog named the UK bond consolidated tape provider back in September 2025, beating out three other named bidders for the mandate. Etrading Software has previously said it plans to launch the tape on 22 June 2026.
Since the selection, the tender process has since come under fire from competing bidder, Ediphy, which formally challenged the UK Financial Conduct Authority’s (FCA) decision to award Etrading Software the consolidated tape provider (CTP) mandate in late September 2025.
Read more: Ediphy appeals FCA bond CTP decision
Speaking about the latest development, Sassan Danesh, chief executive of Etrading Software, said: “The signing of the concession agreement provides market participants the confidence to invest in connecting to the UK bond CT, secure in the knowledge that delivery of the infrastructure will proceed on a firm contractual basis and will not be disrupted by ongoing legal proceedings.
“Our focus remains on delivering a high-quality CT that enhances transparency, supports efficient market functioning, and provides long-term value to all participants.”
Read more: The consolidated tape: If you build it, will they come?
This latest milestone allows the programme to advance in line with its published timeline, including the release of draft and final contracts, publication of technical specifications, the establishment of a consolidated tape consultative committee, and a structured series of industry engagement activities.
ETS Connect UK reiterated in its latest statement that it will continue to work closely with the FCA and market participants to ensure the tape is transparent, accessible and of high quality.
The development also comes weeks after Etrading Software confirmed its intention to bid for the EU’s over-the-counter (OTC) derivatives consolidated tape, through the launch of a new non-profit entity, Transparent Markets Europe (TME).
Speaking at the time, Matthijs Geneste, chief executive-designate of TME, said: “The revised Mifir framework presents a once-in-a-generation opportunity to transform OTC derivatives transparency in Europe.”