FCA Announces Plans for UK Equity Consolidated Tape and Market Reforms

The Financial Conduct Authority (FCA) has unveiled a package of reforms aimed at improving transparency, expanding access to market-wide information, and strengthening confidence in UK equity markets.

The measures establish the framework for a future equity consolidated tape, propose targeted reforms to market structure, and introduce an interim market activity reporting tool designed to provide greater visibility of share trading activity.

Improving Transparency Across UK Equity Markets

UK equity markets offer investors a wide range of trading options, with competition and innovation delivering significant benefits for market participants. According to the FCA, these developments have helped support liquid and resilient markets.

However, the growing number of trading venues has also increased market fragmentation. Investors and other market participants can face difficulties accessing a complete picture of trading activity, while obtaining market-wide data can be both complicated and expensive.

This fragmentation can result in valuable market information being under-used and may mean that the depth and liquidity of UK equity markets are not fully recognised.

Plans for an Equity Consolidated Tape

A consolidated tape brings together trading information from different parts of the market and presents it through a single source.

The FCA’s latest package sets the UK on a path to introduce an equity consolidated tape within the next 18 months. The initiative is intended to make market-wide information easier to access, understand, and use.

By providing investors with a more complete view of trading activity, the consolidated tape could improve transparency and support more effective price formation across UK equity markets.

Targeted Market Structure Reforms

As part of the package, the FCA is also consulting on targeted changes to the structure of UK equity markets.

The proposals were developed after considering a broad range of views from market participants on transparency, market data, and market structure. The FCA says the package reflects strong support from market users while aiming to promote effective price formation and resilient markets.

Monitoring Market Quality

The FCA’s assessment is that UK equity markets are currently functioning effectively. However, the regulator recognises that financial markets are complex and continually evolve.

The consultation therefore proposes a framework for monitoring market quality over time. It also seeks feedback on which indicators should be tracked and what tools could be used if proportionate intervention becomes necessary in the future.

New Market Activity Reporter for Shares

While the equity consolidated tape is being developed, the FCA has introduced an interim market activity reporter for shares.

The tool provides daily visibility of overall UK equity market activity, allowing investors and market participants to gain a broader understanding of trading volumes across the market before the full consolidated tape becomes available.

This interim solution is designed to help address information gaps while the FCA continues work on the permanent consolidated tape.

Building on the UK Bond Consolidated Tape

The new equity market initiatives follow the launch of the UK’s bond consolidated tape in June 2026. The bond service has already attracted more than 1.6 million licence subscriptions, demonstrating strong demand for accessible and comprehensive market data.

Together, the bond and equity initiatives form part of the FCA’s wider programme of capital markets reform, which aims to improve transparency, expand access to information, and strengthen confidence in UK financial markets.

Supporting Stronger UK Capital Markets

Simon Walls, Executive Director of Markets at the FCA, highlighted competition, innovation, and investor choice as important foundations of the UK’s liquid and resilient equity markets.

However, greater choice can also create complexity. The FCA believes that improved access to comprehensive market information can help address this challenge and give investors a clearer view of the overall market.

The planned equity consolidated tape is expected to make it significantly easier for market participants to understand trading activity across different venues and access a more complete picture of UK equity markets.

What Happens Next?

The FCA’s latest package establishes the key direction for the future equity consolidated tape, while the consultation on market structure reforms gives industry participants an opportunity to contribute to the next stage of development.

With the interim market activity reporter already available and the consolidated tape targeted for delivery within 18 months, the FCA is taking steps to make UK equity markets more transparent, accessible, and easier to understand.

These reforms are expected to play an important role in supporting efficient markets, improving investor confidence, and strengthening the UK’s position as a leading global financial centre.