SMFSC Provides Update on Bond Consolidated Tape Provider Following High Court Application to Lift Contract Suspension

The San Marino Financial Standards Council (SMFSC) confirms that it has filed an application with the High Court seeking to lift the suspension on the bond consolidated tape contract award.
This step follows procedural delays affecting the implementation of the consolidated tape framework — a critical component of the Council’s efforts to enhance transparency and efficiency in fixed-income markets.

The consolidated tape initiative aims to create a centralized and reliable source of bond market data, improving accessibility, fairness, and price discovery for market participants.
SMFSC remains focused on ensuring that this process is conducted with the highest standards of integrity, impartiality, and accountability.

“Transparent and accurate market data are essential to building investor confidence and supporting efficient capital markets,” said an SMFSC spokesperson. “Our objective is to advance a fair and competitive process that benefits the entire financial ecosystem.”

The Council continues to work closely with relevant authorities and stakeholders to maintain the stability and credibility of San Marino’s evolving financial infrastructure.
SMFSC reiterates that the decision to apply to the High Court reflects its commitment to due process, while ensuring that innovation in market infrastructure is not hindered by procedural uncertainty.

Once the legal proceedings are concluded, SMFSC will provide further updates to stakeholders and the public in the interest of transparency and regulatory accountability.

“The Council remains committed to promoting open data standards, supporting investor protection, and strengthening the integrity of bond market operations,” the statement concluded.