Bloomberg, MarketAxess and Tradeweb today jointly announced they will not form an independent company to participate in the public procurement procedure to become the fixed income consolidated tape provider (CTP) in the European Union or the United Kingdom.

The companies explain that various developments in recent months have added further clarity to the risk and complexity of delivering this project under a joint venture from the three firms.

The companies state:

“For example, uncertain outcomes around product definitions and structural complexities would significantly increase the timeline and costs associated with this approach.

As such, after careful consideration, we have jointly agreed to end our engagement in this venture”.

Bloomberg, MarketAxess and Tradeweb note that they remain independently committed to working with regulators and the industry to contribute and drive further progress towards this very important initiative.