On Monday 22nd June, the UK bond consolidated tape went live. For the first time, a single mandated feed began aggregating post-trade bond data from across all UK-regulated venues into one place. For data buyers worldwide, the implications are significant. This report explains why.

European markets have long had a fragmentation problem. A single UK stock can trade across more than fifteen distinct venues on any given day. A single corporate bond can change hands dozens of times via bilateral negotiations, leaving no consolidated trace of where it actually traded. Assembling that picture has required subscribing to multiple expensive feeds. That changed on 22nd June.

Building on our April 2026 analysis of the UK’s new transparency rules, this report focuses primarily on today’s post-trade bond CT and its implications – covering what consolidated tape (CT) is, what it provides (and what it doesn’t), who wins and loses, and what it means for different fund types. For US readers, some of this will feel familiar – the US largely solved this problem with TRACE in 2002. Europe is catching up. The UK goes first.