The UK bond consolidated tape saga appears to be cooling down, as Etrading Software irons out its support services and Ediphy backs down from its FCA fight.
Last week, Etrading Software announced that it would scrap its contentious out-of-hours support fees by January 2027.
READ MORE: ETS pulls back CTP support license costs
In its place, an accredited partners scheme will be launched. This will allow third-party providers to offer “enhanced support services” to tape users, including extended hours support, technical assistance and integrated services.
Etrading Software states that this approach will improve competition and innovation, give users greater choice and flexibility, support scalability and benefit from existing industry infrastructure. Crucially, it also means that the core operations of the CT will operate independently to any commercial support models.
“The contract requires the real-time CT service to be available during market hours, and meet key performance indicators during those times,” the FCA stated. “For trades outside market hours, ETS will apply established out-of-hours procedures.” It has agreed on 8am to 6pm as CT operating hours, expanding from the 8am to 5pm window initially discussed.
Draft accreditation terms and technical specifications are expected to be released by Etrading Software on 26 May, with final iterations published 6 July. Accredited partners will have production access from 7 December before the programme officially begins on 4 January 2027.
Meanwhile, Ediphy has dropped its challenge against the FCA, discontinuing legal proceedings as of 7 May. The firm, which is set to provide the European bond consolidated tape, contested the auction process operated by the regulator last year.
READ MORE: Ediphy slams FCA for CTP auction chaos
“We are very happy to have reached a position where our legal proceedings against the FCA in relation to the bond consolidated tape procurement have been discontinued,” Ediphy’s CEO and co-founder Chris Murphy told The DESK.
A second ‘Ediphy Analytics Ltd v Financial Conduct Authority’ legal case was filed on 3 March 2026, however no records were submitted and the case was also discontinued on 7 May.
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