Investors get real-time view of UK bond market activity for the first time

Key Points:

• The UK has launched its first consolidated tape for bonds, operated by ETS Connect UK, providing investors with a single, real-time source of prices and trading activity across the UK bond market.
• This service consolidates previously scattered bond trade data, offering 98% market coverage and enhancing transparency following regulatory changes in December 2025 that significantly increased real-time trade reporting.
• The UK is the first country outside North America to implement a bond consolidated tape, marking a major step in improving market transparency, liquidity, and efficiency in fixed income trading.
• The Financial Conduct Authority (FCA) will oversee ETS Connect UK's 5-year contract to ensure data quality and reliability, while also planning a consolidated tape for equities in the future.
• Industry groups including UK Finance, ICMA, AFME, and the Investment Association have welcomed the launch, highlighting its benefits for price discovery, market efficiency, and broader participation in UK bond markets.