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INDUSTRY REPORT | 2026

Fragmented No More

How the UK Bond Consolidated Tape is Reshaping Fixed Income Data

On 22 June 2026, the UK bond Consolidated Tape (CT) went live, giving the market a single, authoritative source of real-time post-trade data for the first time. To understand what that means in practice, ETS Connect Plus commissioned Pureprofile to survey 100 buy-side and sell-side fixed income professionals, Heads of Fixed Income, Heads of Credit, Traders and Quants, across the UK, US and Europe.

The result is Fragmented No More, a new industry report examining sentiment, readiness and the data challenges shaping the market's response to the tape.
98%
expect the CT's impact to be net positive
74%
will consume the CT via a dedicated third party
100%
are consolidating, or likely to consolidate, data vendors
65%
cite integration complexity as their biggest challenge
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What's inside the report

In this report, you'll discover:

  • How prepared fixed income firms really were for go-live, and why individual confidence didn't extend to the market as a whole
  • Where firms plan to put CT data to work first, from best execution evidencing to AI and machine learning inputs
  • Why 100% of respondents are consolidating their data vendors, and what that means for the vendor landscape
  • The data quality problems the CT inherits, including the finding that 89% of firms are working with data they know contains commercially implausible price records
  • How firms want to receive CT data, and why that's not how most receive it today
  • The budget and resourcing reality behind CT adoption

Get the full report

Download the report to see the complete findings, including survey demographics, sector breakdowns and ETS Connect Plus's analysis of what the CT means for fixed income data infrastructure. 

Download the Report