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Bloomberg, MarketAxess, and Tradeweb Abandon Joint Fixed Income Consolidated Tape Venture

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In a statement released on Friday, Bloomberg, MarketAxess, and Tradeweb jointly announced their decision to halt their plans around the establishment of a fixed income consolidate tape (CTP) in the EU and UK.

Earlier this year, in a strategic move designed to improve the fixed income ecosystem, the three companies signed a joint venture agreement to form an independent company to participate in the CTP public procurement procedure, selecting FINBOURNE Technology as their technology infrastructure partner. However, the evolving business landscape and the unforeseen intricacies in the joint venture’s execution have led the three to mutually disengage.

“Various developments in recent months have added further clarity to the risk and complexity of delivering this project under a joint venture from our three firms,” Bloomberg, MarketAxess, and Tradeweb announced in a joint statement. “For example, uncertain outcomes around product definitions and structural complexities would significantly increase the timeline and costs associated with this approach. As such, after careful consideration, we have jointly agreed to end our engagement in this venture.”

Despite the setback, the three companies have expressed their individual commitment to collaborating with regulatory bodies and industry stakeholders, to advance what they say is an important initiative.

The trio’s disengagement means that the market is now open for other participants wishing to explore opportunities to bid for the role of CTP in the EU and UK.

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