UK bond market gains real-time visibility with first consolidated tape
The FCA has launched the UK’s first bond consolidated tape, operated by ETS Connect UK, delivering a single real-time view of post-trade prices and trading activity across the UK bond market. Following December 2025 transparency rules, real-time reporting has surged—from under 5% to over 75% for corporate bonds and about 80% for government bonds—with 98% market coverage at launch. The FCA will supervise the five-year contract to ensure data quality, while industry groups welcomed the move as boosting price discovery, liquidity, and the UK’s competitiveness in fixed income markets.