The Fair Consolidated Tape
Designed to enhance transparency, liquidity and participation in bond markets, fairCT is a collaborative consolidated tape initiative.
Frequently asked questions
fairCT is the European Bond Consolidated Tape provider selected by ESMA.
Based in Amsterdam, fairCT is funded by a group of financial industry stakeholders, each of whom are committed to improving access to trade data and promoting transparency within the framework of the Consolidated Tape programme in Europe. The Bond Consolidated Tape is the official aggregate trade repository in Europe, and will include a combination of real-time and historical trade reports.
fairCT has the unambiguous objective of building a CT under a true utility model, delivering a high quality tape at the lowest possible cost. We are committed to returning any excess revenue to stakeholders via lower fees or redistributions over time, based on the costs and reasonable margins of building and operating the tape. It is our belief that a fair outcome for all market participants can only be achieved by making access to the data as affordable
and convenient as possible, truly democratising access to this essential source of market data.
The fairCT initiative has been catalysed by Ediphy, a leading Fintech company in the Fixed Income space. Ediphy has been involved with the Consolidated Tape topic since the onset of MiFID in 2018, engaging with the European Commission and ESMA, trade bodies and expert groups, to promote best practices and identify existing challenges and solutions aimed at improving access to transparency data and investor confidence.
fairCT has participated in both the European and UK tenders, winning the selection for the European Bond Tape in July 2025. fairCT is currently seeking authorisation from ESMA while actively engaging data contributors and building the necessary technical infrastructure, and is committed to implementing and launching the EU CT as quickly as technically possible. Please refer to the updated CT Timeline section for the latest details.
News
Consolidated Tape Timeline
Bond market fragmentation and the resulting opacity have prompted regulatory bodies in Europe to take decisive action. In January 2024 the European Parliament ratified an October 2023 preliminary agreement that envisages a single CTP for each of the three asset classes (Bonds, Equities and ETFs, and Derivatives).
EU
The pre-tender phase included the so-called Level 1, i.e. the legislation adopted by the European Parliament in the form of a revised MiFIR (Markets in Financial Instruments Regulation) and MiFID II (Second Markets in Financial Instruments Directive), and the relative Level 2, i.e. the regulatory standards set by ESMA (European Securities and Markets Authority) to deliver the objectives set out in Level 1.
ESMA proactively invited financial market stakeholders to a number of consultations during 2024 (MiFIR Review Consultation packages on CTPs, DRSPs, Reasonable Commercial Basis, non-equity transparency, reference data).
On 3 July 2025, ESMA confirmed Ediphy (fairCT) as the winner of the tender process to become the Consolidated Tape Provider for Bonds on the European Union.
Contact
Press inquiries: press@fairct.org
Legal team: legal@fairct.org
