UK Launches First Bond Consolidated Tape to Enhance Market Transparency

The UK has taken a major step toward improving transparency in its financial markets with the launch of the country’s first bond consolidated tape. Operated by ETS Connect UK, the new service provides investors and market participants with a single, real-time source of bond prices and trading activity across the UK market.

By bringing previously fragmented trading information together into one centralized platform, the consolidated tape offers a clearer and more comprehensive view of market activity, helping investors make better-informed decisions.

A New Era of Transparency for UK Bond Markets

Until now, information on UK bond transactions was spread across multiple reporting sources, making it difficult to obtain a complete picture of trading activity. The introduction of the consolidated tape solves this challenge by combining data into a single, reliable feed.

This milestone follows regulatory changes introduced in December 2025, when new UK bond market transparency rules significantly increased the amount of trading information reported in real time.

Real-Time Reporting Has Increased Dramatically

The FCA reports that the transparency reforms have already delivered impressive results across the bond market.

• Corporate bond trades reported in real time increased from less than 5% to more than 75%.
• Government bond reporting rose from approximately 30% to around 80%.
• Some smaller segments of the market experienced more than a 50-fold increase in real-time trade reporting.

The launch of the consolidated tape completes this transformation by making all of this information available through one centralized source.

The First Bond Consolidated Tape Outside North America

The UK is now the first country outside North America to introduce a consolidated tape specifically for bond markets, reinforcing its position as one of the world’s leading financial centres.

The service launches with approximately 98% coverage of all in-scope UK bond trading, providing market participants with an exceptionally broad view of trading activity.

Supporting Investors and Market Efficiency

According to Simon Walls, Executive Director of Markets at the Financial Conduct Authority (FCA), strong financial markets depend on access to accurate and reliable information.

The new consolidated tape allows investors to monitor bond prices and trading activity more efficiently while improving transparency, price discovery, and overall market confidence.

The FCA also believes this initiative strengthens the UK’s competitiveness as a global hub for fixed-income issuance and bond trading.

FCA Oversight Ensures Data Quality

ETS Connect UK has been appointed to operate the consolidated tape under a five-year contract. Throughout this period, the FCA will supervise the service to ensure the data remains accurate, reliable, and meets the highest regulatory standards.

Why This Matters

The launch of the UK bond consolidated tape represents an important advancement for investors, financial institutions, and the wider capital markets. By delivering a single, real-time view of bond trading, the service improves market transparency, supports better investment decisions, and contributes to a more efficient and competitive financial system.