The collaboration will provide an end-to-end solution for Al Rajhi Capital, including post-trade, data and trading, and is set to build out the securities finance footprint in Saudi Arabia.
The new Ediphy Connect solution will operate a single normalised feed for fixed income markets across these three regions; launch follows the go-live of the UK bond consolidated tape on 22 June.
As the UK consolidated tape for bonds goes live today, 22 June - spanning 98% of contributor coverage at launch - Natasha Cocksedge catches up with Sassan Danesh, Etrading Software chief executive, to lift the lid on the implementation plan, and unpack both the challenges and opportunities of the initiative set to transform the UK bond market.
The move also aligns with the upcoming launch of the UK consolidated tape for bonds, set to go live on 22 June, and will support firms looking to connect and prepare for the tape's impact.
In response to LSEG’s proposals, industry bodies such as AFME have reaffirmed their belief that including both pre- and post-trade data in the tape from launch is key to success, while many on the buy-side continue to argue that SI flow is essential for tape transparency.
The five investors - Barclays, Citadel Securities, Deutsche Bank, TP ICAP and UBS Investment Bank – will provide technology infrastructure and market structure expertise for the tape.
Exegy’s Axiom feed will now span exchanges in Saudia Arabia (TASI), Qatar (QSE), Kuwait (KSE), Abu Dhabi (ADX), and Dubai (DFM), complementing the firm’s existing Middle East and Africa regional coverage.
The authorisation marks the culmination of the consolidated tape's regulatory process; Etrading Software was granted a £4.8 million contract by the FCA to deliver the tape back in September 2025.
The new offering will allow clients using State Street’s FX Connect to carry out in-flight TCA and algorithmic controls, to enhance visibility for execution quality and oversight.
The new offering onboards 11 contracts onto the Terminal, such as the FADX15 index futures and single stock futures, and is set to boost the visibility of Abu Dhabi’s capital markets at a global level.