Section one: Contracting authority/entity
one.1) Name and addresses
FCA
12 Endeavour Square
London
E20 1JN
Contact
FCA Procurement
Telephone
+44 8001116768
Country
United Kingdom
NUTS code
UK - United Kingdom
National registration number
01920623
Internet address(es)
Main address
Buyer's address
one.3) Communication
Access to the procurement documents is restricted. Further information can be obtained at
https://www.fca.org.uk/markets/data-reporting-services-providers/bond-consolidated-tape
Additional information can be obtained from the above-mentioned address
Applications or, where applicable, tenders must be submitted electronically via
https://atamis-fca.my.site.com/s/Welcome
Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at
https://atamis-fca.my.site.com/s/Welcome
one.4) Type of the contracting authority
National or federal Agency/Office
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
UK Bond Consolidated Tape Provider
Reference number
C2879
two.1.2) Main CPV code
- 66152000 - Financial market regulatory services
two.1.3) Type of contract
Services
two.1.4) Short description
A consolidated tape (CT) collates market data, such as prices and volumes, associated with trades in a financial market. It aims to give a comprehensive picture of transactions in a specific asset class, bringing together details of trades executed on trading venues as well as those arranged over-the-counter.
The role of a CT provider (CTP) is to collect the market data from relevant trading venues and approved publication arrangements (APAs) and then disseminate the CT in a standardised electronic data feed to market participants.
By providing a single, authoritative, complete and affordable source of market data, the CT should reduce trading costs, increase liquidity and allow investors to better assess their brokers’ execution quality.
As per the framework for a UK consolidated tape laid out in CP23/33, the FCA is appointing a CTP to aggregate and disseminate details of executed bond trades in the UK.
The FCA will operate the procurement process using its e-sourcing system Atamis, which can be accessed free of charge via the following web link:
https://atamis-fca.my.site.com/s/Welcome
The steps of the tender process are set out below. We intend to publish tender documents by 31 January 2025 laying out full details of the bidding process. The FCA will undertake the contract award process under the Concession Contracts Regulations 2016. Draft tender documents will be made available on Atamis by 31 January 2025.
Prospective bidders will then be invited to submit questions about the tender documents, the award process and the resulting contract. The FCA will publish Q&A that are relevant to at least some other prospective bidders and final tender documents will be published reflecting any changes following from the Q&A exercise.
Applicants will then be invited to submit initial bids for stage 1 of the tender process. Stage 1 will require applicants to submit standard company information and information requested in the tender documents to ascertain (i) if they are likely to have the required level of technical capability and appropriate organisational arrangements to apply for authorisation successfully, (ii) if they were to win the tender, whether their arrangements enable them to provide the CT service to the standards set out in the relevant regulation and in the tender documents. The FCA will provide feedback to applicants. Applicants will then be invited to submit final bids for stage 1 of the tender process.
Applicants that are assessed to have submitted complete applications and evaluated to meet the standards assessed in stage 1 will qualify to participate in stage 2 of the award process.
Stage 2 will be a multi-round descending price auction. This will determine a winner to progress to the authorisation stage and the weighted average price cap for the user licences the CTP will be required to provide. The award outcome will be notified to tenderers and will be made public shortly after that.
The winning bidder will need to move through the FCA authorisation process and sign a contract with the FCA to provide the CT service.
We previously sought expressions of interest from firms considering participating in the tender process for appointing the bond CTP contract. If your firm would like to participate in the tender and has not already engaged with the FCA, please email fcaprocurement@fca.org.uk to let us know of your interest. Any responses we receive will be treated as an expression of interest only and not as a firm commitment to bid during the tender. Those who express an interest will, if they decide to bid, need to register in Atamis to access the tender documents once published. Firms do not need to have previously expressed an interest to be able to submit a bid. For the avoidance of doubt, any communication between applicants and the FCA after the publication of the draft tender documents will be conducted exclusively via Atamis.
two.1.5) Estimated total value
Value excluding VAT: £29,500,000
two.1.6) Information about lots
This concession is divided into lots: No
two.2) Description
two.2.3) Place of performance
NUTS codes
- UKI - London
two.2.4) Description of the procurement
The FCA is inviting applications from interested parties to tender for a contract for a single provider to offer the UK bond consolidated tape (CT). The successful applicant will, once authorised by the FCA, aggregate post-trade data for bond transactions on UK venues and reported via APAs and distribute this as a real-time continuous data feed and as a corrected historical account of trades since the CT’s inception to a variety of users. The contract for providing the UK bond CT will be awarded to the successful applicant from this tender process, once they have been authorised, for a fixed five-year term, commencing from a date to be determined by the FCA. The FCA may also identify a reserved concessionaire who may be awarded the contract if the successful applicant has failed to be authorised.
The FCA Handbook requirements applying to a CTP are set out in Chapter 9 of the Market Conduct (MAR) Sourcebook and Chapter 15A of the Senior Management Arrangements, Systems and Controls (SYSC) Sourcebook. The policy documents related to the development of those rules were Consultation Paper 23/14, Consultation Paper 23/33 and Handbook Notice 117.
Based on our cost-benefit analysis estimates, we estimate that the cost of establishing and running a CTP may be approximately £29,500,000 (excluding VAT) over the 5-year contract, reflected in the estimated total value below. The actual revenues of the CTP will vary based on market demand for the CT.
two.2.5) Award criteria
Concession is awarded on the basis of the criteria stated in the procurement documents
two.2.6) Estimated value
Value excluding VAT: £29,500,000
two.2.7) Duration of the concession
Duration in months
60
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.2) Economic and financial standing
List and brief description of selection criteria, indication of information and documentation required
The Concession will be awarded based on the criteria stated in the tender documents, to be published by 31.01.2025
three.1.3) Technical and professional ability
List and brief description of selection criteria, indication of information and documentation required
The Concession will be awarded based on the criteria stated in the tender documents, to be published by 31.01.2025
Section four. Procedure
four.2) Administrative information
four.2.2) Time limit for submission of applications or receipt of tenders
Date
31 January 2025
four.2.4) Languages in which tenders or requests to participate may be submitted
English
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.3) Additional information
Additional CPV codes:
72212440
72212441
72212442
72314000
72317000
72318000
72319000
48812000
six.4) Procedures for review
six.4.1) Review body
Financial Conduct Authority
12 Endeavour Square
London
E20 1JN
Country
United Kingdom