Finbourne, the financial technology and services firm selected to manage the now defunct joint project between Bloomberg, MarketAxess and Tradeweb to launch a consolidated tape (CT) for bond markets in Europe, has said it will continue to press ahead to delivering its own solution.
The joint project, dubbed the ‘Cassette consortium’, was formerly signed into being in May 2023, only to announce its closure on 8 December 2023. Neil Ryan, consultant at Finbourne and the lead for the Bloomberg, MarketAxess and Tradeweb project, said, “Finbourne has developed a working bond CT prototype and, while we are disappointed to see the Cassette consortium has decided not to proceed, we remain fully committed to our corporate vision of delivering transparency to the UK and EU financial markets.” The consolidated tape is seen as a key part of capital market transparency for Europe, which is 20 years behind the US in developing a post-trade tape for fixed income.
©Markets Media Europe 2023
