Despite ongoing workflow integration and data normalisation challenges, the expected cost impact remains relatively modest, with around 79% of respondents to a recent ETS Connect Plus report anticipating spending increases of just 10-25%.

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.

Addressing fragmentation and liquidity in European corporate bond markets through regulatory and technological improvements will be key to ensuring future efficiency, assert panellists at the ICMA conference in London.

Speaking at the ICMA conference in London on Thursday, Sarah Breeden, deputy governor for financial stability at the Bank of England, highlighted how growing hedge fund participation in gilt repo markets can increase systemic vulnerabilities, while suggesting greater central clearing could strengthen resilience and result in real benefits for dealers.

Electronic trading constitutes almost half of investment grade volume, and 32% of high yield volume, with activity expected to grow further over the next few years, according to a recent Coalition Greenwich report.

The TRADE sits down with Mike Poole, head of trading at Jupiter Asset Management, to discuss what’s shaping the fixed income e-trading ecosystem right now, spanning factors impacting protocol choice, the new transparency regime, and what to keep an eye on in 2026 and beyond.

Although bond managers are holding fast for the moment, only time will tell how markets may shift amid the crisis, with the industry facing two very different potential paths, according to experts.

The new framework comes into play just months after the UK’s regime was revised in December 2025; includes staggered publication and instrument-based deferrals.

Alongside regional disparities, a recent AFME report also highlighted the potential impact that scarce consolidated data for DLT-based repo transactions is having on issuance activity.