Bloomberg, MarketAxess and Tradeweb have banded together to establish an independent company, JV Company, through a joint venture agreement.
The joint venture will see the firms participate in the public procurement procedure to become a fixed income consolidated tape provider (CTP) in the European Union.
The initiative reflects the desire of all three parties to improve the fixed income ecosystem and make a “meaningful” investment in winning the tender for the European bond consolidated tape (CT).
Regulatory specialist at FINBOURNE Technology and industry veteran Neil Ryan will lead the CTP initiative. Ryan has more than 30 years of experience in various senior positions across public and private sectors, with expertise in the fixed income space.
He will focus on producing a prototype that incorporates the expertise of the joint venture parties in fixed income markets and trade reporting, to be able to deliver a high-quality CT that will provide enhanced transparency and access to robust, reliable data.
Cloud-native financial data management firm FINBOURNE Technology has been selected by the parties as the technology infrastructure provider to build and operate the CT for the JV Company — following a detailed and rigorous evaluation process, which considered critical compliance, operational, technical and security aspects of a fit-for-purpose CT.
FINBOURNE will now work closely with the joint initiative to demonstrate the capabilities and features of its proposed CT platform.
Commenting on the announcement, Ryan says: “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.”
CEO and co-founder of FINBOURNE Technology Thomas McHugh adds: “We are pleased to have won the tender to work with these firms, which 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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