Breaking: Ediphy challenges FCA award of bond CTP to eTrading Software

September 24, 2025

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The UK Financial Conduct Authority has received a legal challenge from Ediphy to its decision to award the contract for the UK bond consolidated tape provider (CTP) to rival eTrading Software.

The FCA said, “We undertook a fair, competitive two-stage process to ensure the provider could deliver a high-quality tape and the best value for money. This challenge means we can’t enter into a contract with the successful bidder as quickly as planned. We will do so as soon as possible and, in the meantime, continue discussions with market participants to prepare for the tape.”

The challenge follows recent standstill extensions.

In a statement, eTrading Software said: “The award of this contract, which we consider followed a fair and transparent procurement process, has unfortunately been suspended due to a legal challenge from Ediphy. While we respect the right of bidders to pursue legal avenues, we also recognize that every day of delay hampers the UK’s ability to improve price discovery and increase liquidity in UK bond markets. The CT is a foundational piece of the UK’s financial data ecosystem, central to the objectives of the Edinburgh Reforms and the Wholesale Markets Review, including transparency, market resilience, and competitiveness.

Sassan Danesh, CEO of eTrading Software said, “We strongly advocate that the suspension be lifted urgently to stop the UK falling behind global peers in wholesale market data infrastructure. We are eager to deliver our world-class CT solution so that UK financial markets can reap the benefits of this new data infrastructure, while any ongoing legal challenge proceeds independently.”

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