Bondtape, a bidder for both the UK and EU fixed income consolidated tapes (CTs), last week launched live prototypes for both tapes.
Oliver Haste
This move has allowed stakeholders insight into what CTs could look like, aimed at allowing participants to begin planning for how they might use the tapes.
Oliver Haste, chief administrative officer, designate, Bondtape, said: “These prototypes show the market that we are already capable of delivering robust, high-quality tapes and that we are committed to working together with the industry to develop the best product.
“While these prototypes are only a small window into what the final tapes will look like, we believe in the power of demonstrating working products as early as possible to inspire confidence and seek actionable feedback.”
Focused on both the EU and UK’s transparency regimes respectively, the prototypes consist of a ‘blotter’ each, comprised of the trade reports published on a given day.
Specifically, the blotter updates intraday and includes a sorting and filtering functionality, allowing users to search by: maturities, venues, specific sets of international securities identification numbers (ISINs), and other areas.
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According to Bondtape, the prototype “includes a functionality to ‘cleanse’ the reports, removing ‘out-of-date’ entries and leaving only the most recent, accurate version of a trade report,” importantly meeting FCA requirements for providers to offer both ‘raw’ and ‘clean’ data, which when used in practice work to prevent the ‘double-counting’ of trades.