ESMA has selected FairCT to operate the European Union’s first consolidated tape for bonds, a significant step in the bloc’s effort to improve post-trade transparency and build a Capital Markets Union. FairCT has been invited to apply for authorisation and, once approved, will operate the tape for five years under the direct supervision of the regulator.
The appointment follows ESMA’s bond tape selection process launched in January 2025, as covered by PostTrade 360°. It precedes ongoing tenders for the consolidated tape for shares and ETFs, which are still underway, as reported in our more recent coverage.
Natasha Cazenave, executive director at ESMA, said the selection represents a “decisive step” toward establishing consolidated tapes in the EU and contributes to building the Savings and Investment Union (SIU).
Data consolidation
FairCT is backed by Ediphy and developed in partnership with Cboe Global Markets, FactSet, Google Cloud, Norges Bank Investment Management, TP ICAP, and UBS. It aims to deliver a real-time view of bond market transactions by consolidating data from multiple venues, enhancing transparency, price formation, and market integrity.
Victoria Webster of the Association for Financial Markets in Europe (AFME) called the tape a “critical tool” that will help level the playing field for all market participants, regardless of their access to proprietary data sources. AFME encouraged the operator to begin implementation as soon as possible.
Ediphy CEO Chris Murphy said the company is now preparing for the authorisation phase and promised to provide updates as the rollout progresses.
Industry reaction
While rival bidder TransFICC declined to comment, Bondtape’s Neil Ryan congratulated the winning team and voiced support for the initiative’s success. Etrading Software CEO Sassan Danesh noted that his firm will now shift its focus to the upcoming UK tape tender expected in September and the EU derivatives tape process, anticipated to begin in early 2026.
For further context, PostTrade 360°’s earlier report examined the competitive tensions and broader implications surrounding the EU’s consolidated tape strategy.
