What Etrading Software does

Etrading Software (ETS) is a London-headquartered technology provider that designs, builds, and operates market infrastructure for global capital markets. Founded in 2011 and operating from offices in London and Manila with over 200 employees, ETS serves financial institutions, market infrastructure operators, regulators, and standards bodies through consortium-led delivery of regulatory-mandated services and reference data products. Its customers include leading sell-side and buy-side firms, exchanges, data vendors, and pension/investment associations across Europe, the US, and Asia.

The company's product portfolio centers on five operating franchises: (1) the Derivatives Service Bureau (DSB), a fully automated ISIN/CFI numbering engine for OTC derivatives operated as exclusive technology and service provider to ANNA, which has generated more than 54 million ISINs covering roughly 75% of all sell-side OTC ISINs; (2) the Unique Product Identifier (UPI) service, operated as Managed Service Provider to ANNA DSB under a Financial Stability Board mandate; (3) the Digital Token Identifier Foundation (DTIF), providing golden-source reference data under ISO 24165; (4) ETS Connect UK, the FCA-authorized Consolidated Tape Provider for the £2 trillion UK bond market, live since 22 June 2026 with 98% contributor coverage by notional trade value at launch, complemented by ETS Connect Plus enriched bond data and the ETS Connect Platform free transparency service; and (5) the EPIC/EPIC Mirror loan market platforms built in partnership with Coefficient Markets LLC. The underlying technology is cloud-native and built on open standards including FIX protocol and ISO 20022, with ISO 27001:2022 certification.

ETS earns revenue through managed services mandates (DSB, UPI, ETS Connect UK), subscription-based access to enriched bond data, licensing of EPIC platforms, and partner redistribution. Go-to-market is enterprise and consortium-led rather than transactional: ETS wins competitive procurements (e.g., FCA consolidated tape concession), embeds itself into industry governance bodies (ISO, BSI, FIX Trading Community, ANNA, FSB), and supports its mandate-based revenue with a free transparency utility designed to maximize adoption and drive downstream usage.

Name

Etrading Software

Legal name

Etrading Software Ltd

Website

https://etradingsoftware.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Etrading Software (ETS) is a London-based technology provider to global capital markets, operating regulatory-mandated managed services for OTC derivatives numbering, digital token identification, and the FCA-authorized UK bond Consolidated Tape.

Ownership category

akta.pro rank

Product category

Capital Markets Technology & Market Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Commodity Contracts Brokers & Dealers (6221), Finance Services (6199)

akta.pro primary industry

OTC Derivatives Trade Repositories (Swaps/Derivatives Reporting) (FSAFAJAA)

akta.pro secondary industries

Pricing & Valuation Services (Fixed Income, OTC, Derivatives) (FSAFAIAF), Electronic Bond Trading Networks (Dealer-to-Client / All-to-All) (FSAFACAE), OTC Derivatives Execution Platforms (SEF/OTF/Swap Execution) (FSAFANAE)

Keywords

• OTC derivatives reference data
• Fixed income market data
• Consolidated tape services
• Digital token identification
• Loan market automation

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Managed Services - DSB ISIN Generation: Technology and service provider to Derivatives Service Bureau (DSB), a subsidiary of ANNA, for OTC derivatives numbering. The DSB generates ISINs for OTC derivatives with over 54 million ISINs generated to date, covering Equity, FX, Rates, Credit, Commodities and more.
2. UPI Managed Service: Managed Service Provider mandate awarded to ANNA DSB by Financial Stability Board for Unique Product Identifier service for OTC derivatives transaction reporting.
3. Digital Token Identifier (DTI): DTIF issues and maintains digital token identifiers on a non-profit basis, creating core reference data based on open data principles available as public good.
4. Consolidated Tape Provider Services: ETS Connect UK as authorized CTP for UK bond markets consolidating post-trade transaction data across the £2 trillion UK bond market. Revenue from market hours support and extended hours coverage via Accredited Partner programme.
5. EPIC Platform Licensing: EPIC loans desktop platform launched in partnership with Coefficient Markets LLC. EPIC Mirror provides buyside complement for asset managers.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Etrading Software provides technology-led solutions for global capital markets, including automated reference data services, managed services, and market data infrastructure. Its core offerings span OTC derivatives numbering (ISIN/CFI/UPI), the FCA-authorised UK bond Consolidated Tape, ISO-standard digital token identification, and loan market automation platforms. The company operates as the exclusive technology and service provider to ANNA DSB and as the UK bond Consolidated Tape Provider through its ETS Connect UK subsidiary.

Product overview

Etrading Software is a technology provider for global capital markets offering a portfolio of regulatory-led and market-led solutions. The core portfolio includes: (1) ETS Connect Plus / ETS Connect UK — enriched fixed income bond data and the FCA-authorised UK bond Consolidated Tape; (2) Derivatives Service Bureau (DSB) — the global numbering agency for OTC derivatives providing ISIN/CFI allocation and UPI services as Managed Service Provider to ANNA DSB; (3) Digital Token Identifier Foundation (DTIF) — ISO 24165-based digital token identification; (4) EPIC / EPIC Mirror — loan market automation platforms built in partnership with Coefficient Markets LLC; and (5) ETS Connect Platform — a free bond market transparency aggregation service. The group also backs the Transparent Markets Europe initiative for the EU OTC Derivatives Consolidated Tape. The company operates across London and Manila with over 200 employees.

Differentiator

Problem solved

Functional benefit

Products and services

• ETS Connect Plus ETS Connect Plus is an enriched bond data service providing a single source of truth for fixed income markets, offering a comprehensive, cleansed real-time data feed for UK bond markets. It aggregates and standardises bond transaction data from multiple sources to improve transparency and price discovery.
• ETS Connect UK (UK Bond Consolidated Tape) ETS Connect UK is the FCA-authorised Consolidated Tape Provider (CTP) for UK bond markets, delivering a single source of real-time bond transaction data. It consolidates post-trade data across the £2 trillion UK bond market into a centralised public utility, aggregating data from all UK trading venues and Approved Publication Arrangements (APAs) into a standardised, authoritative data stream.
• Derivatives Service Bureau (DSB) OTC ISIN & CFI Service The Derivatives Service Bureau (DSB) is a fully automated generator of International Securities Identification Numbers (ISINs) and Classification of Financial Instruments (CFI) codes for OTC derivatives. Operated by Etrading Software as technology and service provider to ANNA DSB, it is the first numbering agency designed to operate globally and meet the particular requirements of derivatives markets. It has generated more than 54 million ISINs covering OTC derivatives of Equity, FX, Rates, Credit, Commodities and more, generating 75% of all sell-side OTC ISINs.
• UPI Service (Unique Product Identifier) Managed Service Provider to ANNA DSB for the Unique Product Identifier (UPI) service, mandated by the Financial Stability Board. A UPI is assigned to an OTC derivatives product and used in transaction reporting data to enable authorities to aggregate data on OTC derivatives transactions by product, facilitating systemic risk assessment and market abuse detection.
• Digital Token Identifier Foundation (DTIF) The Digital Token Identifier Foundation (DTIF) provides the golden source reference data for the unique identification of digital tokens based on ISO 24165. It issues and maintains digital token identifiers (DTIs) on a non-profit basis to increase transparency in the digital asset space, based on open data principles and available as a public good.
• EPIC – Loans Desktop Platform EPIC is a desktop platform for the loan market built in partnership with Coefficient Markets LLC, providing automation and efficiencies to a market dominated by voice trading and spreadsheets. It streamlines the sales and trading process through data aggregation, rapid data input, real-time tracking (with history up to 10 years), optimised UI, flexible data integration, and direct client portfolio trading.
• EPIC Mirror EPIC Mirror is the buyside complement to Coefficient's EPIC sell-side platform, aggregating market pricing and liquidity directly from participating dealers in real-time. It is built specifically for portfolio managers and buyside traders, enabling data feeds in real-time, robust data storage for analysis, simplified user interface for trade engagement, easy audit trail for compliance, and direct dealer portfolio trading.
• ETS Connect Platform A free bond market transparency service offering an aggregated view of bond markets, providing real-time consolidated data across bond trading venues.

Quantifiable outcome

• 54 million+ ISINs generated for OTC derivatives
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

14 partnerships are on record, tiered major, core and supporting.

• UK Bond CT Accredited PartnersmajorChannel Partner/ Reseller/ Distributor · 5 May 2026Accredited Partner programme enables third-party providers to deliver integrated, value-added support services to market participants. Framework creates open ecosystem for client support with extended hours coverage.
• Transparent Markets Europe (TME)coreStrategic or Co-development Partner · 11 February 2026Etrading Software is the technology and services partner to Transparent Markets Europe, a Netherlands-based non-profit foundation submitting bid for EU OTC Derivatives Consolidated Tape. ETS provides funding and proven infrastructure for delivery.
• German Investment Funds Association (BVI)majorStrategic or Co-development Partner · 11 February 2026Founding Member of Transparent Markets Europe initiative for EU OTC Derivatives Consolidated Tape. Brings institutional user perspective to the consortium.
• PGGMmajorStrategic or Co-development Partner · 11 February 2026Founding Member of Transparent Markets Europe initiative for EU OTC Derivatives Consolidated Tape. Dutch pension fund investment manager bringing user perspective.
• SIX GroupmajorStrategic or Co-development Partner · 11 February 2026Founding Member of Transparent Markets Europe initiative for EU OTC Derivatives Consolidated Tape. Market infrastructure operator bringing operational expertise.
• S&P GlobalmajorStrategic or Co-development Partner · 11 February 2026Founding Member of Transparent Markets Europe initiative for EU OTC Derivatives Consolidated Tape. Data vendor bringing market data and analytics expertise.
• The Sutton TrustsupportingOthers · 1 January 20262026 partnership with The Sutton Trust, a leading UK social mobility charity. Etrading Software provides work experience opportunities, mentorship, and insights into the financial technology sector to support high-attaining young people from disadvantaged backgrounds.
• AutimaticsupportingOthers · 1 January 2026Partnership with Autimatic, an organisation dedicated to helping individuals with autism find meaningful employment. Collaboration aims to create inclusive hiring practices and supportive environments for neurodiverse talent.
• Coefficient Markets LLCcoreStrategic or Co-development Partner · 1 April 2022Partnership to launch EPIC desktop platform for loan market automation. EPIC Mirror was later launched as buyside complement to Coefficient's existing EPIC sell-side workflow management product, aggregating market pricing and liquidity from participating dealers in real-time for asset managers.
• Association of National Numbering Agencies (ANNA) / Derivatives Service Bureau (DSB)coreStrategic or Co-development PartnerEtrading Software is the exclusive technology and service provider to the Derivatives Service Bureau (DSB), a subsidiary of ANNA and the global numbering agency for OTC derivatives. The DSB generates ISINs for OTC derivatives with over 54 million ISINs generated to date.
• Financial Stability BoardcoreStrategic or Co-development PartnerFinancial Stability Board awarded mandate to ANNA DSB to operate the Unique Product Identifier (UPI) service for OTC derivatives. Etrading Software acts as Managed Service Provider (MSP) for this service.
• International Organization for Standardization (ISO)coreStrategic or Co-development PartnerEtrading Software's expertise is valued by ISO. The company provides technology supporting ISO standards including ISO 24165 for digital token identifiers and maintains alignment with ISO 20022 for financial messaging.
• Financial Information eXchange (FIX)coreStrategic or Co-development PartnerFIX Trading Community's expertise and standards are valued by Etrading Software. The company utilizes FIX protocol as official API for UK bond Consolidated Tape and participates in FIX Trading Community standards development.
• ETS Connect UKcoreStrategic or Co-development PartnerETS Connect UK is the subsidiary of Etrading Software responsible for delivering the UK bond Consolidated Tape. Authorized by FCA as Consolidated Tape Provider for UK bond markets.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• MarketAxess: MarketAxess operates electronic trading platforms for fixed income, particularly corporate bonds, with substantial market data and pre-trade/post-trade transparency services. It is the closest direct peer in the electronic bond market infrastructure space and a potential competitor for fixed income data services.
• Tradeweb: Tradeweb is a leading electronic trading platform for institutional fixed income, derivatives, and ETFs with extensive data products and APAC/EMEA presence. It competes directly in the fixed income market data and trading infrastructure space and is well-positioned to bid for or develop consolidated tape offerings.
• AcadiaSoft (CME Group / Acadia majority owner): AcadiaSoft provides post-trade infrastructure for OTC derivatives including collateral management, margin processing, and reconciliation services. It is a direct comparable in the regulatory-mandate-driven OTC derivatives post-trade infrastructure space.
• RegTek.Solutions (DXC Technology): RegTek.Solutions (now part of DXC Technology) provides regulatory reporting infrastructure for OTC derivatives transaction reporting, including Approved Reporting Mechanisms (ARMs) under MiFID II/MIFIR. It is a direct peer in the regulatory-mandated OTC derivatives reporting infrastructure space.

Emerging players

• Coin Metrics: Coin Metrics provides institutional-grade crypto market data, network data, and reference data for digital assets. It is an emerging comparable in the digital asset data infrastructure space where DTIF provides identifier services and could overlap in serving institutional digital asset analytics needs.
• Kaiko: Kaiko is a leading digital asset market data provider with similar reference data and indices offerings for cryptocurrencies. It is an emerging comparable in the digital asset reference data space where the DTIF operates and could compete for institutional digital asset identification and data mandates.

Broad incumbents

• Bloomberg: Bloomberg is the dominant financial market data provider with extensive fixed income analytics, pricing, and reference data products. It is both a potential competitor for consolidated tape services and a likely redistributor/partner given its embedded position with institutional fixed income clients.
• S&P Global (including IHS Markit): S&P Global is a founding member of the Transparent Markets Europe consortium and operates extensive market data, reference data, and indices franchises across fixed income and OTC derivatives. It is both a potential competitor and partner in the consolidated tape and reference data space where ETS operates.
• DTCC (Depository Trust & Clearing Corporation): DTCC operates the largest derivatives clearing infrastructure globally through its FICC/NSCC subsidiaries and provides OTC derivatives trade repository services through DDR. It is a comparable market infrastructure provider with regulatory mandates in OTC derivatives post-trade processing.
• LSEG (London Stock Exchange Group): LSEG operates extensive fixed income data infrastructure, regulatory reporting services (UnaVista), and trade repositories for OTC derivatives through its post-trade division. It is the most direct comparable incumbent for both the UK bond Consolidated Tape and broader OTC reference data markets where Etrading Software operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/etrading-software-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Etrading Software