European Fixed Income Markets and the Transparency Mandates

This lack of transparency has benefited certain market participants but hindered broader efficiency and fairness. To address this, regulators globally have pushed for consolidated tape (CT) solutions that aggregate and publicly disseminate transaction data.

In July 2025, the EU announced its selection of a technology provider for the consolidated tape and the UK will almost certainly follow suit quickly. It is now imperative that all financial institutions understand the ways in which the Consolidated Tape may affect the market, and whom the winners and losers could be.

In this report, GreySpark Partners examines how the European and UK fixed income markets will be lit up with the introduction of the EU and the UK CTs. Analysis of the post-trade transparency regimes in both jurisdictions, and an assessment made of how this will affect the effectiveness of the resulting CTs, is included.