By Vidal Mehra, Chief Product Officer, Propellant Digital. Vidal Mehra, Chief Product Officer, Propellant Digital. When the FCA and ESMA transparency regimes went live, the uptick in real-time transparency was immediate. However, for many desks, the challenge switched from visibility to usability. In the eyes of many market participants, the first part of the puzzle is the launch of the UK Consolidated Tape (CT) for bonds on 22nd June this year.