For the first time, UK bond investors can access a single real-time view of trading activity following the launch of the country’s first bond consolidated tape, a move regulators say will improve transparency, liquidity and the competitiveness of UK capital markets.
The new service, operated by ETS Connect UK under a five-year contract, combines post-trade data from across the UK bond market into one central feed. Previously, investors and traders had to rely on multiple data sources, making it difficult to gain a complete picture of market activity.
The launch follows changes to the UK’s bond market transparency regime introduced in December 2025, which significantly increased the amount of trading information published in real time. According to the Financial Conduct Authority (FCA), the proportion of corporate bond trades reported immediately has risen from less than 5% to more than 75%, while real-time reporting for government bonds has increased from around 30% to approximately 80%.
With 98% coverage of eligible UK bond trading at launch, the consolidated tape is designed to provide investors with faster and more reliable pricing information, improving price discovery and execution while helping to create a more efficient market.
Simon Walls, executive director of markets at the FCA, described the launch as a major milestone.
“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 becomes the first country outside North America to introduce a consolidated tape for bonds, reinforcing London’s position as one of the world’s largest fixed income markets.
Industry bodies have broadly welcomed the initiative. UK Finance said the tape would strengthen transparency, efficiency and liquidity, while the International Capital Market Association (ICMA), the Association for Financial Markets in Europe (AFME) and the Investment Association all said it would improve access to market data and support better investment decisions.
The FCA is now turning its attention to delivering a similar consolidated tape for UK equities, as part of a broader programme aimed at modernising UK capital markets and improving access to market data for investors.
It’s good news as one of the major criticisms of a panel I recently sat on was that there was no consolidated tape in the UK as there was in the US.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
