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Bloomberg, MarketAxess, and Tradeweb Form Joint Venture to Pursue EU Fixed Income Consolidated Tape Provider Role

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Bloomberg, MarketAxess, and Tradeweb have signed a joint venture agreement to form an independent company to participate in the public procurement procedure to become the fixed income consolidated tape provider (CTP) for the European Union, all of which will be subject to regulatory approvals.

Neil Ryan, who has over three decades of experience in the fixed income space and a history of senior positions across both public and private sectors, has been appointed to spearhead the CTP initiative. His primary focus will be the development of a comprehensive prototype that harnesses the three parties’ fixed income markets and trade reporting expertise to deliver a high-quality consolidated tape (CT) providing enhanced transparency and access to robust, reliable data.

Reflecting on this new responsibility, 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.”

Following a rigorous evaluation process, considering compliance, operational, technical, and security aspects, the joint venture has selected cloud-native financial data management firm FINBOURNE Technology as the technology infrastructure provider that will build and operate the CT for the joint venture company.

Expressing his satisfaction with the tender result, Thomas McHugh, CEO and Co-Founder of FINBOURNE Technology, said, “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.”

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