The UK has launched its first consolidated tape for bonds, providing investors with a single real-time source of pricing and trading data across the bond market for the first time.

The service, operated by ETS Connect UK under a five-year contract supervised by the Financial Conduct Authority, covers 98 per cent of in-scope bond trading. The UK becomes the first country outside North America to introduce such a system for fixed income markets.

The launch follows changes to bond market transparency rules that took effect in December 2025. Since then, the proportion of corporate bond trades reported in real time has risen from under 5 per cent to more than 75 per cent, while government bond reporting increased from approximately 30 per cent to around 80 per cent. In some smaller market segments, real-time reporting rose more than 50-fold.

Simon Walls, executive director of markets at the FCA, said the tape would give investors “a clear, reliable and comprehensive view of UK bond trading for the first time”.

Previously, bond trade data was fragmented across multiple sources, making it difficult to obtain a complete picture of market activity.

ETS Connect UK was appointed following a competitive tender process launched in March 2025. A legal challenge to the contract award by rival bidder Ediphy was discontinued in May 2026.

The tape covers post-trade transparency data for bonds admitted to trading on UK venues, excluding exchange-traded notes and exchange-traded commodities.

The FCA said it was also working to deliver a consolidated tape for equities, having chosen to prioritise bonds following market consultations.