Etrading Software submits witness statement to support FCA’s appeal to the High Court on bond CT

Etrading Software has submitted a witness statement to the High Court, as part of an effort to support the Financial Conduct Authority’s (FCA) application to lift the suspension on the bond consolidated tape (CT) contract award.

The firm has also applied to participate in the proceedings as an interested party, for the purpose of providing “relevant factual information to support the Court’s consideration,” as described by the firm.

The news marks the latest development in the legal challenge surrounding the UK bond CT, with the FCA confirming it had filed an application to the High Court last week, after Ediphy – which was named the EU bond CTP – challenged the awarding of the UK CTP mandate to Etrading Software in September.

The lifting of the suspension of the High Court would facilitate the signing of the contract between the FCA and Etrading Software, while the legal challenge continues to progress in parallel.

Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, said: “We support the FCA’s position that the legal challenge should not get in the way of an early implementation of the UK bond tape. We have started our engagement with market participants to assist with planning for connectivity to our infrastructure.”

Etrading Software has also confirmed that it will continue to progress with preparatory work for the CT’s launch, although the contract signature and required authorisations are necessary to complete all activities.

Read more – Ediphy appeals FCA bond CTP decision

Following the announcement of the FCA’s appeal to the High Court, Etrading Software also told The TRADE that the proceedings represented a “strong signal to market participants” to continue preparing for the tape’s launch.

Prior to the legal proceedings, Etrading Software’s estimated to begin on 5 January 2026 for a five-year period, which will see the firm taking on a contract valued at £4.8 million including VAT.

In response to the legal challenge received in September, the FCA affirmed that it carried out a “fair, competitive two-stage process,” and that it is currently engaging in discussions with market participants in preparation for the tape.

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