FINBOURNE and the Consolidated Tape

At FINBOURNE, our mission is to reduce operational complexity and increase transparency across capital markets.

We’ve spent significant time collaborating with capital markets firms, regulators and industry bodies, to collectively understand the financial data, its quality and how to deliver a resilient and practical consolidated tape to the market.

FINBOURNE and the Consolidated Tape
CEO Open Letter

CEO Open Letter: Continuing on the CTP road…

As we approach the end of 2023, CEO and Co-founder, Thomas McHugh, reflects on FINBOURNE’s Consolidated Tape (‘CT’) journey so far, and our commitment to the ongoing development of this project.

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The Road to the Consolidated Tape

Q3 2025

Q2-Q4 2024

Q2-Q3 2024

Q4 2023

Q3 2025

Operational bond CTPs

Featured Whitepapers

Consolidated Tape

CTP Whitepaper Series: #7 Across the pond…

CTP Whitepaper Series: #7 Across the pond…

In previous papers, we worked with a number of trade associations and bodies to promote evidence-based policy discussion and propose concrete improvements in transaction data frameworks (such as the AFM’s Principles relating to fixed income). However, one important aspect of any consolidation exercise is the insights into the market itself.

In this whitepaper we provide insights into US Treasury activity traded on EU and UK venues from 1st January 2023 – 31st March 2024. This was assisted by SIFMA, allowing us to compare issuance recorded by Treasury Direct, with activity for those same bonds on EU and UK venues.

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Consolidated Tape

CTP Whitepaper Series: #6 Reference Data – Part 1

CTP Whitepaper Series: #6 Reference Data – Part 1

In our last whitepaper, we outlined a simple framework to capture the interconnected, generic issues affecting “data quality” in order to maximise the efficiency of a CTP. Gathering records from July 2017 to October 2023, FINBOURNE has compiled a database with all historical FIRDS information – some 107,632,766 security records.

Using this data, this paper will take a deeper dive into the issues around reference data for all asset classes, as well as practices to ensure a ‘golden source’ to complement any work on transaction data.

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Consolidated Tape

CTP Whitepaper Series: #5 Data Quality

CTP Whitepaper Series: #5 Data Quality

Previously in this whitepaper series and alongside our work with the Dutch Authority for the Financial Markets (AFM), we have highlighted the data quality issues and basic building blocks that need to be addressed, to maximise the efficiency of a CTP.

In this latest paper, we try to create a singular view of the issues relating to ‘data quality’ and summarise their impact and the challenges market participants and retail investors face, as a result.

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Featured Blogs

Consolidated Tape

AFME and IA reach significant agreement on proposal for future UK post-trade transparency model for corporate and sovereign bonds, informed by FINBOURNE’s expertise

AFME and IA reach significant agreement on proposal for future UK post-trade transparency model for corporate and sovereign bonds, informed by FINBOURNE’s expertise

AFME and the IA have reached a significant agreement on a proposal for future UK post-trade transparency model for corporate and sovereign bonds. The joint proposal was informed and supported by extensive analysis of existing post-trade data, provided by FINBOURNE Technology, which was instrumental in the process of establishing the proposal.

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Consolidated Tape

Consultation Paper CP23/33 – The FINBOURNE View 

Consultation Paper CP23/33 – The FINBOURNE View 

On 20th December 2023, the FCA published a Policy Statement for the framework for a UK consolidated tape (“CT” or “CTP”) 

While the Policy Statement (“PS”) was expected, the further consultation was not and there were some aspects that we believe are worth highlighting.

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Consolidated Tape

CEO Open Letter: Continuing on the CTP road… 

CEO Open Letter: Continuing on the CTP road… 

As we approach the end of 2023, CEO and Co-founder, Thomas McHugh, reflects on FINBOURNE’s Consolidated Tape (‘CT’) journey so far, and our commitment to the ongoing development of this project.

Read more

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