Ediphy has partnered with a number of firms to launch fairCT, a collaborative consolidated tape initiative designed to enhance transparency, liquidity and participation in UK fixed income markets.
Industry players involved include Cboe Global Markets, FactSet, Google Cloud, Norges Bank Investment Management, TP ICAP and UBS. In June, Ediphy declined to comment on its consolidated tape plans as a number of firms began outlining their proposals.
Operating under the terms set out by the FCA, the consolidated tape provider will be an industry utility, built with an ‘at reasonable cost’ philosophy, Ediphy said, and will serve as the official record of trades.
Ediphy CEO Chris Murphy said, “Our approach is fundamentally different from other contenders. First, we aim to return any economic value generated by the consolidated tape provider over its costs and reasonable returns to the users of the tape. Second, we have built this initiative as a collaboration between multiple participants representing all stakeholder groups.
“No other potential tape provider brings this diversity of experience nor delivers as fully on the alignment of product and customer needs, as proposed under the FCA Consumer Duty commitment,” Murphy added.
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