Low-latency connectivity and workflow services provider TransFICC has announced intentions to bid to be a consolidated tape provider (CTP) for fixed income.
In the next few weeks, the Financial Conduct Authority (FCA) is expected to begin its tender process and criteria for the UK CTP, while ESMA intends to begin the process for the EU CTP in January next year.
Confirmation and authorisation of the new CTPs is expected to be in Q4 2025, with go live dates expected in 2026.
CTPs are anticipated to deliver improved transparency for all subscribers, with valuable insights provided to fixed income across multiple use cases.
ESMA and the FCA have both emphasised that CTPs should provide a low-cost, resilient and high-quality service, with quick implementation, connecting to all trading venues and APAs across the UK and EU, and distributing data to users.
“TransFICC has been running a CTP pilot for nearly two years and during that time clients have tested it for performance, resilience, and ease of integration,” said Steve Toland, co-founder of TransFICC.
“The buy-side, sell-side, market data firms and venues have successfully tested data contribution and data output, the results of which have given us significant insight into how to develop and support a CTP in production.”
TransFICC offers trading technology for fixed income, seeking to resolve market fragmentation and to deliver workflow efficiencies to banks and asset managers globally.
The firm provides connectivity to multiple trading venues while supporting a range of workflows across asset classes.
“By using key components from our existing technology, we are able to deliver a low-cost tape in terms of initial build and ongoing running costs. In addition, quality and latency will not be compromised, which includes the tape being able to support the real time publication of trades and potentially price streaming and pre-trade market data in the future,” added Toland.
“Finally, using our existing technology allows us to roll out a CTP quickly and efficiently.”