ETS Connect UK launched a consolidated tape for UK bond market transactions on Monday, June 22, 2026, capturing over 95% of bonds traded across venues and providing a real-time, unified source of prices and trading activity [1, 2, 3]. The Financial Conduct Authority (FCA) reported the tape currently covers 98% of in-scope bond trading in the UK under its supervision [3].
The consolidated tape includes UK trading activity for both sovereign and corporate debt, including bonds issued outside the UK, offering a comprehensive market view [2]. It follows transparency rule changes implemented in December 2025 that significantly increased real-time reporting of bond trades—from under 5% to over 75% for corporate bonds, and from around 30% to approximately 80% for government bonds [3].
ETS Connect UK won a five-year contract from the FCA to operate the tape after a competitive tender process, clearing a legal challenge by Ediphy in May 2026 [2, 3]. The launch marks the UK as the first country outside North America to introduce a consolidated tape for bonds [3].
Sassan Danesh, CEO of ETS Connect UK, said the tape "will change how bond market activity is seen and understood" [2]. Simon Walls, executive director of markets at the FCA, said, "Good markets run on good information. Today's launch ... 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" [3].
The tape is expected to benefit discretionary fixed-income managers, credit-focused hedge funds, and long-only asset managers by providing a comprehensive and cheaper view of the market [2]. The FCA plans future consolidated tapes for European bonds and UK and European equities [2, 3].
