This document provides an official specification for the usage of the FIX Protocol for the UK Consolidated Tape for bonds. This includes the FIX message schemas, mappings to the RTS, workflows and worked examples.

Revision History

2026/02/24 – Removed DealingCapacity(1048) from Table 1 (post-trade flag MTCH not used by UK Bond CT).

This document provides an official specification for the usage of the FIX Protocol for the European Consolidated Tape for bonds. This includes the FIX message schemas, mappings to the RTS, workflows and worked examples.

This is provided both in PDF format and, for the message schemas, Orchestra XML (the Orchestra representation includes schemas for bonds and equities)

Focuses on best practices for the cash bond markets, covering the vast majority of electronically traded bonds, including G8 Government bonds, High Yield, Corporates, Supras/Agencies.

Defines a standard for the transmission of Indications – Axes Inventories and Runs.

Support for the following workflows has been included as part of Phase 3 of the swaps best practices: recommendations to support the new regulations for SEFs; mid-market mark, US vs. non-US person, block trades, required vs. permitted transactions, etc., guidance on how to send tiered prices i.e. different prices for the same instrument to multiple customers, guidance on sending ‘Axes’ to indicate if you are a better buyer or seller, guidance on how to run auctions and how to support workups, support for stop orders, iceberg orders and peg orders and messaging from the execution venue to the dealer to confirm if a trade has been cleared.

Provides detailed guidelines for the implementation of party entitlement messages for Fixed Income OTC electronic markets.

Defines a standard set of guidelines based on Party Reference Data messages for exchanging enablement information for trading Fixed Income OTC instruments.