Bloomberg, MarketAxess and Tradeweb launch EU fixed income CTP

abdelaziz Fathi

Bloomberg, MarketAxess, and Tradeweb have announced a joint venture agreement to establish an independent company with the aim of becoming the fixed income consolidated tape provider (CTP) in the European Union.

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This initiative is subject to relevant regulatory approvals and is part of the public procurement procedure. The goal is to deliver a high-quality consolidated tape (CT) that enhances transparency and provides access to reliable data. The trio said they are committed to improving the fixed income ecosystem and making a significant investment to secure the tender for the European bond CT.

Neil Ryan, an industry veteran with extensive experience in the fixed income space, has been appointed to lead the CTP initiative. He will work on developing a comprehensive prototype that leverages the expertise of the three vendors in fixed income markets and trade reporting.

Part of the alliance, the fixed income trading venues and data providers have chosen FINBOURNE as the technology infrastructure provider to build and operate the consolidated tape (CT) for the joint venture company.

As a leading cloud-native financial data management firm, FINBOURNE was selected after a thorough evaluation process that assessed key compliance, operational, technical, and security aspects. Working closely with the joint initiative, FINBOURNE will demonstrate the capabilities and features of their proposed CT platform.

Mr. Ryan commented: “The time has come to provide the European fixed income markets with a consolidated tape that is led by an initiative with deep experience in low-latency data processing, cleansing, consolidation and publishing within a regulated framework. Our motivation is to improve transparency and spur electronification in the fixed income space. Our end goal is a cost-effective CT that treats both data contributors and consumers fairly, while enabling open and impartial access to meaningful and helpful data using existing infrastructure.”

Thomas McHugh, CEO and Co-Founder of FINBOURNE Technology, commented: “We are pleased to have won the tender to work with these leading firms, who are deeply focused on quality data, and are highly experienced in fixed income markets and running regulated Approved Publication Arrangements (APAs). Importantly, we see this as further validation of our modern, cloud-based, API-first technology, to deliver critical market data access and transparency.”

The joint venture between Bloomberg, MarketAxess, and Tradeweb has been underway since June of the previous year. At the time, the leading vendors publicized plans to become the consolidated tape provider through the public procurement process led by the European Securities and Markets Authority (ESMA).

After the recent announcement, the three entities initiated a competitive request for information process to evaluate various independent third-party partners capable of providing the consolidated tape service. This process aims to identify potential partners that can meet the requirements and deliver a comprehensive solution.

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