Bloomberg, MarketAxess, and Tradeweb have entered into a joint venture agreement to form an independent company aimed at operating a consolidated tape provider (CTP) for fixed income instruments in the European Union. A CTP serves as a centralized entity responsible for gathering and disseminating consolidated trade data pertaining to various financial instruments.
To lead the CTP initiative, the companies have appointed industry veteran Neil Ryan who more than 30 years of experience in senior positions across the public and private sectors. According to the official announcement, the move reflects the three partnering companies’ goal to improve transparency in the fixed income markets.
Neil Ryan commented:
The time has come to provide the European fixed income markets with a consolidated tape that is led by an initiative with deep experience in low-latency data processing, cleansing, consolidation and publishing within a regulated framework. Our motivation is to improve transparency and spur electronification in the fixed income space. Our end goal is a cost-effective CT that treats both data contributors and consumers fairly, while enabling open and impartial access to meaningful and helpful data using existing infrastructure.
The announcement published by the companies also revealed that they have onboarded cloud-native financial data management firm FINBOURNE to help build and operate the CTP on behalf of the new joint venture firm.
Thomas McHugh, CEO and Co-Founder of FINBOURNE Technology, commented:
We are pleased to have won the tender to work with these leading firms, who are deeply focused on quality data, and are highly experienced in fixed income markets and running regulated Approved Publication Arrangements (APAs). Importantly, we see this as further validation of our modern, cloud-based, API-first technology, to deliver critical market data access and transparency.
