Investors get real-time view of UK bond market activity for the first time

The UK has launched its first bond consolidated tape, operated by ETS Connect UK, providing investors with a single, real-time source of prices and trading activity across the entire bond market. The launch follows December 2025 transparency rule changes that dramatically increased real-time reporting of corporate bond trades from under 5% to over 75% and government bonds from 30% to approximately 80%. The UK is the first country outside North America to introduce such a service, which covers 98% of in-scope bond trading and will be supervised by the FCA over its 5-year contract.