Ediphy Data
Normalised fixed-income
market data.
Consolidated bond transaction data built on consolidated tape data, deduplicated, normalised, and ready to deploy. The data backbone of institutional fixed income.
What is Ediphy Data
The data backbone of institutional fixed income.
Ediphy Data is built on consolidated tape data: one normalisation pipeline across the tapes, and a cross-regime deduplication layer on top. A single schema, a single record per trade, and full provenance preserved, the data layer that every downstream analytics, trading, and compliance workflow can trust.
REGULATOR VIEW
Across all 3 markets in scope of the study, we have identified evidence of, and drivers for, market power. This means that users may be paying higher prices for the data they buy than if competition was working more effectively.
– FCA · Wholesale Data Market Study Final Report MS23/1.5 (February 2024)
One brand.
Data and analytics.
Ediphy Connect is the multi-tape ingestion, normalisation, and deduplication pipeline, one feed that collapses the EU Bond CT, UKCT, and US TRACE into a single consolidated record.
Ediphy Connect
One feed, every tape. EU Bond CT, UKCT, and US TRACE ingested in parallel, deduplicated at source, schema-normalised to a single format, and priced like a utility at £2,500 per year. The ingest, deduplication, and distribution layer for European and US bond transaction data.
INGEST · DEDUPLICATE · DISTRIBUTE
Tape of Tapes
Built into Ediphy Connect. EU Bond CT, UKCT, and US TRACE prints collapsed where they overlap, tagged by originating regime, and served as a single source of truth for cross-jurisdiction analytics and research, no separate product, no separate subscription.
DEDUPED · CROSS-REGIME
Four stages, one pipeline.
Every bond print moves through the same four-stage pipeline, from raw publisher feeds to a deduplicated, distributable record.
Consolidated tape data
Built on consolidated tape data across Europe, the UK, and the US. Feeds land into a managed ingestion layer that tracks schema changes and handles publisher-side reformats.
Cross-regime match
Matching across EU Bond CT, UKCT, and US TRACE publications, reconciled on the trade record with origin tags preserved. Overlapping prints collapse into one canonical record.
Schema, time, and FX
One schema across every publisher, consistent field names, consistent types, consistent timestamp precision (UTC, nanosecond where the source supports it), and FX-adjusted notional where relevant.
API, FIX, and files
Streaming endpoints for real-time consumers, REST API for ad-hoc queries, FIX distribution for trading systems, and bulk file drops for research. Same data, access mode you need.
What a record looks like
One trade, one canonical record.
A single trade reported into the EU Bond CT, UKCT, and US TRACE would typically arrive as three separate publications, each with its own field names, timestamp precision, and deferral conventions. Stitched naively, that would be three rows of double-counted volume.
Through Ediphy Data the same trade emerges as one canonical record, with origin tags preserved on every contributing publication. Downstream consumers see a single row; auditors see the full lineage on demand.
How it compares
Tape, vendor, or do-it-yourself.
Most firms today assemble their fixed-income data picture from three places: single-tape feeds (partial), traditional terminal vendors (broad but late and licensed for the desk), and in-house aggregation pipelines (flexible but expensive to maintain).
Ediphy Data is the utility-priced alternative, full multi-tape coverage, deduplicated cross-regime, and licensed for redistribution into the workflows the firm runs.
| Ediphy Data | Single-tape feed | Terminal vendor | In-house aggregation | |
|---|---|---|---|---|
| Multi-tape coverage (EU Bond CT + UKCT + US TRACE) | – | Partial | If built | |
| Cross-regime deduplication | – | – | If built | |
| Lineage preserved per record | – | If built | ||
| Redistribution licence included | – | – | ||
| Utility pricing | Varies | – | – |
Common questions
Licensing, latency, redistribution.
Three questions come up on almost every conversation, how the licence works, how fresh the data is, and what is permitted downstream.
How is the data licensed for end users? +
Ediphy Connect Basic is priced in addition to the cost of underlying data feeds. Feeds can be purchased through Ediphy or made available to Ediphy directly by the data originator. Ediphy Connect Pro is available separately.
How does licensing work for redistributors? +
Redistributors take an annual redistribution licence covering downstream subscribers, with value-added analytics lines licensed separately per subscriber. CT data licences can be held directly by the redistributor or bundled by Ediphy. The full terms are in the redistribution agreement.
How does licensing work for platform integrators? +
Integrators embed Ediphy data and analytics under a bespoke, MSA-based partnership. Platform licensing is based on reach, with redistribution rights included in the base subscription. This is a bespoke, MSA-based partnership.
How are corrections and cancels handled? +
Publisher corrections and cancels propagate through the pipeline with full audit. Each canonical record carries a version chain, superseded records remain queryable, and downstream consumers can subscribe to the correction stream alongside the live feed.
Next step
Speak to the team.
Every firm runs its fixed-income data stack differently, some want the utility feed straight through Ediphy Connect, some need the deduplicated cross-regime record, some want BYOC infrastructure deployed inside their own cloud. The best way to find the fit is a conversation. A thirty-minute call walks through your data footprint, your downstream consumers, and what a migration onto Ediphy Data would look like.