The FCA has opened applications for the bond consolidated tape provider (CTP).
“[This is] one of the final steps in the process to establish enhanced transparency and efficiency across UK financial markets,” commented Neil Ryan, CEO-designate of CTP bidder Bondtape
The FCA delayed the CTP bidding process earlier this year, stating that firms required more time to gather the information needed to take part in the tender.
READ MORE: CTP tender process delayed again
In a tender notice published on the UK Government website, the FCA has provided details of deadlines and award criteria. Only one criteria is considered: weighted average price.
The notice explains: “Whilst individual quality criteria will have weightings, bidders will be required to meet a threshold as detailed in the invitation to tender to meet the minimum pass marks required to qualify for e-auction.”
Tender documents have been published on the FCA’s procurement portal. These include both the invitation to tender and a draft contract for the winning bidder. Potential providers must submit applications for this first stage of the tender by 25 April. Enquiries must be submitted by 28 March.
Ryan stated: “This accelerates the process that will fundamentally change real-time data reporting, driving greater confidence and participation across the market. For this to transition from theory to reality, a technology-first, data quality-led approach must be adopted to ensure the industry is not only ready to meet the FCA’s requirements, but also able to support the wider need for a scalable, high-quality solution that delivers a tape with unprecedented accuracy.”
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