Bloomberg, MarketAxess and Tradeweb today jointly announced they will not form an independent company to participate in the public procurement procedure to become the fixed income consolidated tape provider (CTP) in the European Union (EU) or the United Kingdom (UK).
“Various developments in recent months have added further clarity to the risk and complexity of delivering this project under a joint venture from our three firms,” they said in a statement. “For example, uncertain outcomes around product definitions and structural complexities would significantly increase the timeline and costs associated with this approach. As such, after careful consideration, we have jointly agreed to end our engagement in this venture.”
The project was launched in June 2022 when the firms announced their intention to work together, and they only signed the joint agreement formally in May 2023.
They continued, “We remain independently committed to working with regulators and the industry to contribute and drive further progress towards this very important initiative.”
