ICMA response to the FCA Consultation Paper on The Framework for a Consolidated Tape


15 September 2023 Today, ICMA submitted its response to the FCA Consultation Paper on The Framework for a Consolidated Tape. ICMA’s response reflects the consolidated views of ICMA’s MIFID Working Group, consisting of members on the sell-side and buy-side, as well as market infrastructure and data providers, which are active in the European and international bond markets.

Key points:

  • ICMA endorses the FCA’s proposal for a UK consolidated tape to improve bond market transparency and reduce the cost of accessing bond data, aiming to improve liquidity and market efficiency
  • Members welcome the FCA’s approach to incentivise the emergence of a CTP in the UK as a single, low-cost source of bond market data
  • At the same time, it will be important to ensure that the design of the auction process and subsequent regulation and governance of the CTP allow for competitive elements to remain and lead to a high quality outcome for data users

The FCA's Consultation Paper can be found here.

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