The International Capital Market Association (ICMA) welcomed the launch of the first UK consolidated tape for bonds, as a single, aggregated source of bond market data, operated by ETS Connect UK, as selected by the FCA in 2025.

ICMA’s CEO Bryan Pascoe commented:
“We are delighted to welcome the launch of ETS Connect UK, the first UK bond consolidated tape provider, today. ICMA has long advocated for the introduction of a consolidated tape for bonds as a centralised, accessible, and affordable source of aggregated post-trade data, supported by a well-calibrated bond transparency deferral regime.

We expect the consolidated tape for bonds to help facilitate assessments of execution quality and transaction costs, to support the capacity for richer market analytics, fund valuations and automated processes, and enhance price discovery in the secondary, as well as primary, bond markets. As such, a widely accessible bond tape will foster broader participation in the UK bond markets, contributing positively to its efficiency and furthering the UK’s position as a leading global centre for issuance and investment.

ICMA is extremely pleased to have contributed actively throughout the consultation and implementation process over recent years which has involved so much collaborative engagement between the public and private sectors, and we look forward to further participation as an observer member of the ETS Connect UK Consultative Committee looking ahead.”

Together with the introduction of the new transparency regime on 1 December 2025, the go-live of the UK bond consolidated tape marks an important milestone in the UK’s steps towards greater bond market transparency and data accessibility. In the EU, similar plans are underway, with the EU transparency regime having applied from 2 March 2026, and preparations for the start of the EU Consolidated Tape, still ongoing. ICMA will continue to stay engaged in the process, both in the UK and EU, going forward.

Source: ICMA