The Financial Conduct Authority (FCA) has asked the High Court to lift its suspension on the bond consolidated tape contract award, and intends to submit its defence to Ediphy’s legal challenge by the end of the week.
Signing a contract with Etrading Software, which won the FCA’s auction process in September, will allow the regulator to deliver the tape while defending its legal challenge in parallel, it said.
READ MORE: Etrading Software to provide UK bond CT
“It is in the public interest to deliver the important benefits of the tape as soon as possible. It is our position that the legal challenge, which we consider to be without merit, should not get in the way of that,” the FCA stated.
READ MORE: Ediphy slams FCA for CTP auction chaos
Commenting via LinkedIn, Etrading Software added, “Subject to contract signature, Etrading Software remains committed to supporting the earliest feasible delivery of the UK bond CT.”
Both organisations say that they will continue to work with data contributors and end users as the process continues.
A source familiar with the case told The DESK, “There are serious questions for the FCA to answer and it is troubling that it is taking a legal process to uncover them.”
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