UK Launches First Real-Time Bond Market Consolidated Tape, Covering 98% of Trading

According to the Financial Conduct Authority, the UK launched its first consolidated tape for bond markets on Monday, providing investors with a unified real-time source of trading activity. Operated by ETS Connect UK under FCA oversight, the service combines post-trade data from across the market and covers 98% of in-scope bond trading.

The UK is now the first country outside North America to introduce a consolidated tape for bonds. The launch follows transparency reforms that took effect in December 2025, which increased real-time reporting of corporate bond trades from less than 5% to more than 75%, and government bond reporting from approximately 30% to 80%. The FCA confirmed it is also working on a consolidated tape for equities.