Push to Turbocharge UK Bond Trading Is Stymied in Legal Battle

The UK’s plans to launch a consolidated tape to bring all of its bond trading data into one single stream — making it more competitive on the global stage — have been put on hold.

The setback comes after a legal challenge to the Financial Conduct Authority, which held a reverse auction process to appoint a leader of the project. Fintech firm Ediphy called for a judicial review on the outcome of the auction, which has led to the delay of the appointment of the successful bidder, Etrading Software.

“This challenge means we can’t enter into a contract with the ...