The Financial Conduct Authority on Monday launched the UK’s first bond consolidated tape, operated by ETS Connect UK. The service provides a single, real-time source of post-trade prices and trading activity across in-scope UK bond markets.
The tape launches with 98% market coverage of in-scope bond trading. It covers post-trade transparency data for bonds admitted to trading on UK venues, excluding exchange-traded notes and exchange-traded commodities.
The UK is the first country outside North America to launch a bond consolidated tape.
The launch follows changes to UK bond transparency rules that took effect in December 2025. Those changes lifted the share of corporate bond trades reported in real time from under 5% to over 75%, and government bond reporting from around 30% to about 80%, the FCA said.
“Good markets run on good information,” said Simon Walls, executive director of markets at the FCA. “Today’s launch of a consolidated tape gives investors a clear, reliable and comprehensive view of UK bond trading for the first time.”
ETS Connect UK was appointed after a competitive tender process launched in March 2025. The FCA will supervise the operator throughout its five-year contract against standards on data quality, completeness and timeliness.
The regulator said it is also working on an equity consolidated tape, which it intends to launch in 2027.
