On 3 December 2025, the Financial Conduct Authority (FCA) issued an update that an agreement had been reached by Etrading Software to be the bond consolidated tape provider.
The FCA have filed an application with the High Court asking to lift the freeze on the contract award so that it can move forward with delivering the bond consolidated tape and defend the legal challenge in parallel. Once ordered by the High Court, the lifting of the suspension will mean a contract can be signed with Etrading Software.
The FCA also note that they aim to determine Etrading Software’s authorisation as soon as possible ahead of the launch of the bond-consolidated tape in June 2026.