How quick is quick enough? UST data latency after the UK consolidated tape
One month of live CTP operation gives us measurements rather than expectations. Our new insights report sets out what they are.
USTs are one of the exceptions in fixed income: heavily traded, highly liquid, and often executed on interdealer central limit order books against automated strategies. The structure resembles equities more than credit, so latency matters. Earlier UK and EU reforms sharply lifted real-time reporting rates, but fragmentation and manual data capture left latency measured in minutes rather than seconds.
One month after the UK consolidated tape launched in June 2026, median electronic execution-to-publication sits near one second. The June Non-farm Payrolls release made the case: The announcement was followed by a spike in trading volumes with significant price dispersion for an extended period until the market stabilized. This dispersion became tradable information for subscribers to ETS Connect Plus where all these transactions were reported in full and on a real-time basis.
