Investors can now access a single, real-time source of prices and trading activity across the UK bond market following the launch of a consolidated tape by the Financial Conduct Authority (FCA).
Operated in conjunction with third party firm ETS Connect UK, the facility will bring bond trades scattered across multiple sources together in one place to give a clear, consolidated view.
The UK is the first country outside North America to launch a consolidated tape for bonds.
The FCA said this builds on changes to the UK’s bond market transparency rules that came into force in December 2025, which have “made a real difference”.
The share of corporate bond trades reported in real time rose from under 5% to over 75%, and for government bonds from around 30% to approximately 80%.
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In some smaller parts of the market, real-time reporting increased more than 50-fold, the FCA added. The consolidated tape is the final step, giving users a single, comprehensive view of all that data.
The service launches with 98% market coverage. The FCA will supervise ETS Connect UK throughout a five-year contract to ensure data quality and reliability.
Simon Walls, executive director of markets at the FCA, said: “Good markets run on good information.
“Today’s launch of a consolidated tape gives investors a clear, reliable and comprehensive view of UK bond trading for the first time.
“The UK is a global leader in fixed income issuance and trading, and this is another important delivery in enhancing the competitiveness of the UK as a leading centre of finance.”
