The Currency analytics
By Bruce Buterin
The Financial Conduct Authority just signed with Etrading Software. The deal puts ETS in charge of building the UK's first consolidated bond tape, giving investors a complete…
ETS rolled out a new website this week with technical specs and key dates for anyone contributing data or using the system.
But the High Court lifted a freeze order in December 2025, letting the contract move forward even though someone's still challenging it in court.
Sassan Danesh runs ETS and he's pumped about the whole thing. "We're setting a new standard for market clarity," Danesh said when the contract got announced.
Market watchers are keeping close tabs on this project because it's pretty much the biggest infrastructure change in UK bond trading in decades.
Things got messy fast after the initial contract announcement. Someone filed a legal challenge right away, though the FCA won't say who or what the complaint covers.
John Glen from the Treasury called the bond tape "a cornerstone for UK financial innovation." His backing shows the government wants this thing to work.
The next court hearing is set for March 2026, just three months before the planned launch. That timing makes everyone nervous, but both the FCA and ETS say they're not changing…
Data providers are already lining up to work with the new system. ETS has been meeting with major bond dealers and trading platforms to hash out data-sharing agreements.
The competitive bidding process started in early 2025 with several tech companies throwing their hats in the ring.
Bond market transparency has been a hot topic since Brexit changed how UK markets operate. Traders complain they can't see the full picture when making investment decisions.
ETS is working around the clock to build the technical infrastructure needed for June 2026. The company hired extra developers and set up new data centers to handle the massive…
The FCA's commitment to this project shows how serious they are about modernizing UK financial markets.
Market participants are split on whether June 2026 is realistic given the legal uncertainty. Some think the court case could drag on and delay everything.
ETS stock jumped 15% when the contract got announced, showing investor confidence in the company's ability to deliver.