The UK’s Financial
Conduct Authority has published a package of reforms for the country’s equity
markets, confirming the framework for a future equity consolidated tape while
consulting on additional market structure changes.
The reforms build on
the FCA’s
2023 proposal to introduce a UK consolidated tape, with the regulator
initially prioritising bonds before extending the initiative to equities .
The FCA’s announcement
comes shortly after the
European Securities and Markets Authority authorised EuroCTP as the EU’s
first consolidated tape provider for shares and ETFs. Although developed under
separate regulatory frameworks, both initiatives aim to improve transparency
and provide easier access to market-wide trading data.
Simon Walls, Executive Director of Markets at the FCA, Source: LinkedIn
The regulator said the
measures are intended to improve transparency, widen access to market-wide
trading information and support confidence in UK equity markets. The package
also introduces an interim market activity reporter for shares while the consolidated
tape is being developed.
According to the FCA,
competition and innovation have created liquid and resilient equity markets.
However, the growth in trading venues has also increased market fragmentation,
making it more difficult and costly for market participants to obtain a complete
view of trading activity.
A consolidated tape
combines trading information from multiple venues into a single source. The FCA
said the package settles the main design questions and keeps the project on
track for delivery within the next 18 months.
Simon Walls, Executive
Director of Markets at the FCA, said UK equity markets had developed through
“competition, innovation and the choices made by investors and
companies.” He added that while greater choice has increased complexity,
“a consolidated tape will make it simpler and easier for investors to see
the whole market picture” and that the package “settles the big
design questions” to deliver the tape within the next 18 months.
Bond Tape Reaches 1.6 Million Licences
The FCA said it
considered a broad range of industry feedback before finalising the proposals.
It said the measures are intended to improve access to information, support
price formation and strengthen market resilience.
Alongside the reforms,
the regulator launched a market activity reporter for shares, providing a daily
overview of UK equity trading before the consolidated tape becomes operational.
The consultation
states that UK equity markets are functioning effectively but continue to
evolve. It seeks feedback on how market quality should be monitored and what
tools could be used if future intervention is needed.
The latest measures
follow the launch of the UK’s bond consolidated tape in June 2026, which the
FCA said has attracted more than 1.6 million licence subscriptions.
The equity tape forms
part of the regulator’s broader capital markets reform programme to improve
transparency, access to market information and confidence in UK financial
markets.
The UK’s Financial
Conduct Authority has published a package of reforms for the country’s equity
markets, confirming the framework for a future equity consolidated tape while
consulting on additional market structure changes.
The reforms build on
the FCA’s
2023 proposal to introduce a UK consolidated tape, with the regulator
initially prioritising bonds before extending the initiative to equities .
The FCA’s announcement
comes shortly after the
European Securities and Markets Authority authorised EuroCTP as the EU’s
first consolidated tape provider for shares and ETFs. Although developed under
separate regulatory frameworks, both initiatives aim to improve transparency
and provide easier access to market-wide trading data.
Simon Walls, Executive Director of Markets at the FCA, Source: LinkedIn
The regulator said the
measures are intended to improve transparency, widen access to market-wide
trading information and support confidence in UK equity markets. The package
also introduces an interim market activity reporter for shares while the consolidated
tape is being developed.
According to the FCA,
competition and innovation have created liquid and resilient equity markets.
However, the growth in trading venues has also increased market fragmentation,
making it more difficult and costly for market participants to obtain a complete
view of trading activity.
A consolidated tape
combines trading information from multiple venues into a single source. The FCA
said the package settles the main design questions and keeps the project on
track for delivery within the next 18 months.
Simon Walls, Executive
Director of Markets at the FCA, said UK equity markets had developed through
“competition, innovation and the choices made by investors and
companies.” He added that while greater choice has increased complexity,
“a consolidated tape will make it simpler and easier for investors to see
the whole market picture” and that the package “settles the big
design questions” to deliver the tape within the next 18 months.
Bond Tape Reaches 1.6 Million Licences
The FCA said it
considered a broad range of industry feedback before finalising the proposals.
It said the measures are intended to improve access to information, support
price formation and strengthen market resilience.
Alongside the reforms,
the regulator launched a market activity reporter for shares, providing a daily
overview of UK equity trading before the consolidated tape becomes operational.
The consultation
states that UK equity markets are functioning effectively but continue to
evolve. It seeks feedback on how market quality should be monitored and what
tools could be used if future intervention is needed.
The latest measures
follow the launch of the UK’s bond consolidated tape in June 2026, which the
FCA said has attracted more than 1.6 million licence subscriptions.
The equity tape forms
part of the regulator’s broader capital markets reform programme to improve
transparency, access to market information and confidence in UK financial
markets.
