New research undertaken collaboratively by FINBOURNE Technology, Adamantia Advisory and Propellant Digital (supported by AFME, BVI and EFAMA) has distilled a number of significant data gaps that might undermine the efficiency and integrity of fixed income markets across the UK and EU, once the planned new post-trade transparency regimes and consolidated tapes come into effect. The research reveals that the reliability of public information on bond transactions is being compromised by a meaningful number of errors, including missing fields and notable inconsistencies.

Despite the critical importance of accurate data in bond markets, the analysis highlights several major issues. One of the most concerning findings is the replication of transaction data. The research indicates that only up to 11% of the 153 million fixed income transaction records analysed were not replicated. These duplications arose from complex processes at certain electronic trading venues, where data collection repeatedly captured both old and new transactions. This has necessitated substantial “de-replication” efforts for parties seeking to carry out detailed analysis of the data, complicating the task of obtaining a clear and accurate picture of market activities.

The research further uncovers significant gaps in essential transaction and reference data fields. Over two-thirds of records in early 2024 were missing crucial currency information, while approximately 25% lacked details on transaction quantities. In addition, there appear to be a number of required fields that are populated using varying interpretations of the appropriate format.  This directly impacts the reliability of financial reports and hinders the decision-making processes for institutional investors. The study also identified differences in categorisation of reference databases that will hamper the ability of market participants to accurately identify and manage their core data needs.

The findings serve as an important wake-up call for debt investors across the EU and UK. Without adequately addressing these fundamental data discrepancies, the anticipated benefits of both revised post-trade transparency regimes as well as anticipated UK and EU Consolidated Tapes for fixed income – initiatives designed to collect and display real-time data on bond trades from multiple sources on a single platform – might be materially undermined.

This detailed and collaborative research highlights the timely need for enhanced data accuracy and integrity to safeguard and improve the future of bond markets. We urge industry stakeholders, regulators and market participants to collaborate to address these data flaws to further promote the stability and efficiency of fixed income markets.

UK and EU Fixed Income – Data Quality Report

Thomas McHugh, CEO and Co-Founder of FINBOURNE Technology said: “These findings are a stark reminder of the critical importance of data accuracy in maintaining the integrity of bond markets. The significant number of errors, from replicated transactions to missing crucial information, threatens not only market efficiency but also the confidence of institutional investors. As we move towards the EU Consolidated Tape for fixed income, it’s imperative that industry stakeholders and regulators act swiftly to address these data flaws.”

Source: FINBOURNE Technology,