The FCA has launched the UK’s first integrated bond tape, giving investors and market participants a single, real-time source of post-trade prices and activity across the UK bond market.
The service, operated by ETS Connect UK, aggregates bond trading data that was previously distributed across multiple jurisdictions and providers. It starts with 98% covered bond trading within the scope and will be monitored by the FCA throughout the five-year contract covering data quality, completeness and timeliness.
The UK is the first country outside North America to introduce composite bond tape. The launch follows changes to UK bond market transparency rules that came into effect in December 2025, significantly increasing the proportion of trades reported in real time.
Real-time reporting on corporate bond exchanges has increased from less than 5% to more than 75%, while the share of government bonds has increased from around 30% to around 80%. Some sub-segments of the market recorded an increase of more than 50 times. Tape now puts that information into a single service rather than requiring users to aggregate data from different sources.
Simon Walls, senior director of markets at the FCA, described the launch as an improvement in the quality and accessibility of UK bond trading information. The regulator expects the service to support the UK’s position as a leading center for fixed income issuance and trading while providing users with a clear view of market activity.
Improved post-trade data can impact pricing, performance evaluations and liquidity analysis across the bond market. Investors will be able to compare completed transactions easily, while asset managers and financial institutions can use a comprehensive dataset to review transaction quality and identify changes in trading conditions.
Financial directors and treasury teams that issue or refinance debt also have a consistent point of reference for market value analysis. A clear record of completed activities can support discussions with banks, consultants and investors, especially when the company is assessing the time or expected costs of bond issuance. The service covers bonds admitted to trading in UK jurisdictions. Exchange notes and marketable goods are not included. ETS Connect UK was appointed following a two-stage competitive tender launched in March 2025.
Industry bodies involved in development supported the launch. UK finance managing director David Raw said the tape should improve transparency, efficiency and liquidity across UK bond markets. International Capital Market Association CEO Bryan Pascoe highlighted its ability to support transaction evaluation, analysis and broader market participation.
Victoria Webster, managing director of fixed income at the Association for Financial Markets in Europe, linked the service to better pricing and more efficient trading. The Investment Association’s head of capital markets, Hugo Gordon, said wider access to data should improve the information available to bond investors when making investment decisions.
The FCA is also developing a consolidated budget tape as part of its plan to improve market visibility, data quality and access. The launch of the bond follows nearly 50 measures announced in January 2025 to support UK market growth and competitiveness. Assessment now shifts to the consistency and usability of the information delivered by ETS Connect UK. High coverage provides a strong starting point, but market confidence will depend on reliable reporting, manageable costs and data that can be integrated into trading, treasury and risk systems without adding additional operational complexity.
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