Consolidated tape provider (CTP)-hopeful Bondtape has launched live prototypes for its EU and UK tapes.
Vincent Grandjean, founder and CEO of Propellant Digital, told The DESK: “Launching these prototypes early demonstrates Bondtape’s ability to deliver a fully operational CTfrom day one. Transparency is only valuable if the data is reliable and accessible, and this is a key step in ensuring that market participants can start preparing to integrate CT data into their workflows.”
Each prototype consists of a blotter documenting a day’s trade reports, updated on an intraday basis. Clients can search and filter data by various metrics, including sets of ISINs, maturities and venues.
Bondtape’s Oliver Haste commented: “While these prototypes are only a small window into what the final tapes will look like, we believe in the power of demonstrating working products as early as possible to inspire confidence and seek actionable feedback.”
Users are also able to remove out of date entries and see a cleansed version of the tape, preventing trades being double counted. This is in line with FCA requirements of both a raw and clean version of the data.
Neil Ryan, CEO-designate, noted: “A CT is only as good as the quality of its data. Our prototypes showcase Bondtape’s ability to identify and correct discrepancies, removing outdated or duplicated trades to provide a clean, reliable dataset. This ensures that market participants have access to trade data they can trust.”
On the announcement, Francesco Cicero, chief product officer at fairCT firm Ediphy, told The DESK: “We don’t see the topic as significant news at this time, but welcome all initiatives that improve user awareness of the consolidated tape topic.
“Ediphy developed its first CT prototype back in 2019, which has been widely showcased and available to users for over 5 years. Our learnings about the various data quality metrics have consistently been shared with regulatory bodies and competent authorities, and inform our application to become CTP. The current fairCT prototype exceeds the basic regulatory requirements and has evolved with user feedback since its first version.”
Sassan Danesh, CEO of Etrading Software, added: “We welcome all initiatives that increase bond market transparency and anticipate that all bidders have similar working prototypes. The Etrading Software prototype is available to members of our Industry Stakeholder Group (ISG). We encourage market participants to engage with all bidders to help improve the design of the eventual official CT. We are happy to accept additional ISG applications from market participants who wish to have access to our prototype.”
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