CP23/15: The framework for a UK consolidated tape

Consultation on CT framework opens
Consultation on CT framework closes
Policy Statement: The framework for a consolidated tape

We consulted on our proposed framework for establishing a consolidated tape (CT) in the UK.

Read CP23/15 (PDF)

We also commissioned an external consultancy, DotEcon, to prepare a report on the economic model for the UK CT framework. We used this report when developing the proposals in our consultation.

Read DotEcon’s report (PDF)

Why we are consulting

This consultation set out our proposed framework for a CT for bonds, our criteria for how a consolidated tape provider (CTP) would operate, and the tender process for appointing a CTP.  

Who this is for

  • trading venues which admit to trading or trade bonds 
  • approved publication arrangements (APAs) who publish trade reports for bonds that are traded on a trading venue (TOTV) 
  • approved reporting mechanisms (ARMs) who send transaction reports to us on behalf of investment firms 
  • firms interested in bidding to be a CTP 

Our proposals will also interest data users, including:  

  • institutional investors 
  • asset managers 
  • retail investors 
  • data vendors 
  • market data and analytics firms 
  • trade associations 

Next steps 

This consultation closed on 15 September 2023. 

Considering the feedback from CP23/15, on 20 December 2023 we released CP23/33, which sets out our policy statement on the bond CT framework and includes consultation chapters on payments to data providers and supervisory forms for Data Reporting Service Providers. 


This CP is part of the Wholesale Markets Review, a review of UK wholesale markets that we’ve been conducting with the Treasury.  

The 2022 WMR Consultation Response said that the Government wanted to revise the existing regime and enable the emergence of a CT in the UK. 

A CT collates market data, such as prices and volumes associated with trades in a financial market. It aims to provide a comprehensive picture of transactions in a specific asset class, bringing together trades executed on trading venues as well as those arranged over-the-counter. 

The UK Government’s Edinburgh Reforms also committed the Treasury and the FCA to having a legislative and regulatory regime in place by 2024 to facilitate the emergence of a UK CT.   

Page updates

: Information added Considering the feedback from CP23/15, on 20 December 2023 we released CP23/33