FCA files to lift UK bond tape suspension, says legal claims ‘without merit’
After losing the bid for the UK’s bond CT, Ediphy sued the UK regulator, halting the tape’s implementation. Now, the FCA is asking the UK’s High Court to end the suspension and allow it to fight Ediphy’s claims in parallel.
In September, London-based fintech Ediphy contested the Financial Conduct Authority’s August decision to award the contract for the UK’s bond consolidated tape to rival fintech Etrading Software.
The move immediately halted the process of building and implementing the tape, which had already taken years. But yesterday the FCA announced it had filed an application with the UK’s High Court to lift the suspension, while continuing to defend Ediphy’s legal challenge separately.
“We welcome the FCA’s
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