Investors can now access a single, real-time view of prices and trading activity across the UK bond market for the first time, following the launch of a bond consolidated tape by the Financial Conduct Authority.
The regulator said the service, operated by ETS Connect UK, brings together data on bond trades that was previously scattered across multiple sources, which made it difficult to get a clear and complete picture of market activity.
The launch builds on changes to the UK’s bond market transparency rules that came into force in December 2025. The FCA said the share of corporate bond trades reported in real time has risen from under 5% to over 75%, while real-time reporting of government bonds has increased from 30% to 80%.
Simon Walls, executive director of markets at the FCA, said: “Good markets run on good information. (The) 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.”
The FCA said the service covers post-trade transparency data for bonds admitted to trading on UK venues, but exchange-traded notes and exchange-traded commodities are excluded.
David Raw, managing director for markets at UK Finance, said: “UK Finance welcomes today’s milestone launch of the bond consolidated tape. As a leading global centre for bond markets, the UK stands to benefit significantly from this development.
“Our members have championed this consolidated tape which will strengthen bond markets by enhancing transparency, efficiency and liquidity. We stand ready to support the FCA with the future launch of an equity consolidated tape, an equally vital strand for UK capital markets.”
