Etrading Software can finally sign the UK bond consolidated tape provider contract, with Ediphy consenting to the High Court suspension being lifted.
CEO Chris Murphy stated, “We are clearing the path for the contract to be signed because the market needs certainty.”
Ediphy has confirmed that its claim for damages in the High Court will be maintained, restating its claims of unmanaged conflicts of interest at the Financial Conduct Authority (FCA) alongside “irrationality and auction integrity failures”.
READ MORE: Ediphy slams FCA for CTP auction chaos
The FCA responded to the challenge last month, refuting Ediphy’s claims.
READ MORE: “Carelessness, inattention, inadequate safeguards”: FCA hits back at Ediphy
Murphy commented, “While our claim for damages remains in place, we are transitioning our role from challenger to observer. We will be watching to ensure the winner delivers exactly what was promised in the tender.”
The firm, which was awarded the European bond tape contract earlier this year, also draws attention to the 68 pence price cap on the UK tape. This “unsustainably low” cap could risk service degradation and make the tape unsustainable.
READ MORE: Bidding for nothing – what do you get for 68p?
It also warns that there is a structural risk at play: “As the operator of the utility, the winner must not leverage its position to advantage its own commercial “value-added” services. We highlight the structural risk that the winner’s commercial arm could receive preferential access.”
Etrading Software could not immediately be reached for comment.
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