Investors and market participants can now access a single, real-time source of pricing and trading activity across the UK bond market, following the launch of a bond consolidated tape by ETS Connect UK.
The consolidated tape for bonds is an electronic system that collates bond market data, such as prices and volumes and distributes it to investors.
Previously, bond trade data had been fragmented across multiple sources, limiting visibility of overall market activity, but the new service brings this information together in one place.
It collates data on trades executed on UK trading venues as well as those arranged over the counter. Exchange-traded notes (ETNs) and exchange-traded commodities (ETCs) are excluded.
The Financial Conduct Authority (FCA) first consulted on changes to the UK’s listing regime and the introduction of a bond market consolidated tape in December 2023.
Since then, changes to the UK’s bond market transparency rules, introduced in December 2025, have already increased real-time reporting significantly.
Corporate bond trade transparency rose from under 5% to more than 75%, while government bond reporting increased from around 30% to approximately 80%, with some smaller market segments seeing more than a 50-fold rise.
The UK is the first country outside North America to introduce a consolidated tape for bonds.
FCA executive director of markets, Simon Walls, commented: "Good markets run on good information. Today's 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."
Commenting on the launch, UK Finance managing director for markets, David Raw, added that 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,” he said.
“We stand ready to support the FCA with the future launch of an equity consolidated tape, an equally vital strand for UK capital markets.”
Association for Financial Markets in Europe (AFME) managing director – fixed income, Victoria Webster, also welcomed the consolidated tape as "a major step for market transparency and access".
She added: "It can improve price discovery, support liquidity and strengthen efficiency. With high-quality, usable data, it could become a cornerstone of a more transparent, efficient and globally competitive bond market.”
The service launched with 98% market coverage of in-scope bond trading. The FCA said it will supervise ETS Connect UK throughout its five-year contract to ensure data quality and reliability.
The FCA said it is also working to deliver a consolidated tape for equities.
