Insights from EU Fixed Income Trading Quorum, London (remote participation ex-London), 2 December 2025

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Summary 

• Recent changes to the UK referral regime have materially increased reported fixed income volumes, reinforcing the role of transparency in market participation.
• Ongoing legal uncertainty around the UK consolidated tape provider (CTP) continues to complicate planning for venues and market participants.
• Buy-side-led discussion identified connectivity, liquidity, internal controls, and cost visibility as core criteria for trading venue selection.
• Rising regulatory costs are reshaping platform business models, accelerating feature commoditisation and increasing focus on execution quality and integration.

Conclusion

The meeting concluded with a shared view that trading venue selection is no longer a purely commercial decision, but one shaped by transparency regimes, regulatory alignment and infrastructure resilience. Participants agreed that ongoing collaboration between buy side, sell side, and market infrastructure providers will be essential to ensure transparency initiatives deliver better market outcomes, rather than simply more data.

The session closed with a reminder that Quorum 15 is uniquely positioned to bring industry and regulators together under neutral conditions - not to lobby, but to create shared understanding across Europe’s fragmented equity landscape.