The deal puts ETS in charge of building the UK’s first consolidated bond tape, giving investors a complete picture of bond trading across the market. He thinks the bond tape will change how investors see the UK market. The bond tape fits into that bigger picture of making UK markets more attractive to global investors. The agency sees the bond tape as essential for keeping London competitive with other financial centers that already have similar systems. The bond tape represents a major revenue opportunity for ETS, which has been trying to expand beyond its core trading software business.