Etrading Software launches a free-to-use in 2025 Consolidated Tape prototype, intensifying competition among prospective providers.
Etrading Software (ETS), a provider of technology-led trading software solutions for financial institutions, has unveiled ETS Connect, a free regulatory data service offering real-time, normalised, and cleansed feeds of European bond post-trade reports. This initiative anticipates the forthcoming bond Consolidated Tape (CT) systems in the UK and EU, expected to be operational in the first half of 2026.
ETS Connect addresses current challenges in data quality by implementing a ‘traffic light’ system to flag potential inaccuracies in trade reports. The platform is designed to adapt to new transparency regimes in the UK and EU, beginning December 2025. They aim to provide users with uninterrupted service as the regulatory landscapes evolve.
Sassan Danesh, CEO of Etrading Software, commented on the launch: “We are delighted to play our part in increasing transparency in bond markets through the launch of ETS Connect. Our ‘consolidator of consolidators’ provides a single aggregated view of UK and EU markets today, even before the official launch of the respective Consolidated Tapes.”
The introduction of ETS Connect intensifies the competition among entities vying to become official Consolidated Tape Providers (CTPs) for bond markets in the UK and EU. µ
Notable contenders include:
- EuroCTP B.V.: A joint venture comprising 14 European exchanges, including Deutsche Börse and Euronext, aiming to deliver a consolidated tape for EU shares and ETPs.
- FairCT: An initiative led by Ediphy, supported by prominent firms such as Google Cloud, Norges Bank Investment Management, UBS, Cboe Global Markets, FactSet, and TP ICAP, seeking to operate the UK’s real-time bond transaction record system.
- TransFICC, looking to leverage already in production low latency / high throughput technology.
- Finbourne and Propellant have formed a partnership to compete for selection. Propellant aims to leverage Finbourne scale.
The European Securities and Markets Authority (ESMA) has outlined the selection process for CTPs, with the procedure for bonds commencing on 3 January 2025, and a decision anticipated by July 2025. Similarly, the UK’s Financial Conduct Authority (FCA) is advancing plans for a bond CT, with the tender process expected to begin by the end of 2024.
Read more:https://www.fi-desk.com/fca-begins-ctp-tender-process/
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