The Financial Conduct Authority (FCA) is seeking feedback on a new package of reforms designed to improve transparency, strengthen access to market-wide information and support confidence in UK equity markets.
The package confirms the framework for a future equity consolidated tape, consults on targeted market structure reforms and introduces an interim market activity reporting tool for shares.
Competition and innovation have delivered significant benefits for UK equity market users, the FCA said, offering investors a wide choice of trading options and helping create liquid and resilient markets
But the FCA acknowledges that greater choice has increased fragmentation and obtaining a complete picture of trading activity can be complicated and expensive, leading to under-use of market-wide data.
“A consolidated tape brings together trading information from across the market into a single source,” the FCA explained. “This package puts us on a path to deliver an equity consolidated tape within 18 months, making market-wide data easier to access and use.”
The FCA “carefully considered” a wide range of views on market data, transparency and market structure when developing the proposals, and the final package aims to improve access to information, while reflecting strong support from market users and promoting effective price formation and resilient markets.
“The FCA’s assessment is that UK equity markets are functioning effectively,” it said.
“However, it is a complex ecosystem and markets evolve over time. The consultation therefore sets out how market quality will be monitored and seeks views on the indicators it should track and the tools that could be available if proportionate intervention is needed in future.”
While the equity consolidated tape is being developed, the FCA has launched a market activity reporter for shares. The reporter provides visibility of overall UK equity market activity each day, helping users see a full picture of trading volumes before the full tape is launched.
The package follows the launch of the UK bond consolidated tape in June 2026, which has attracted more than 1.6 million licence subscriptions. The initiatives form part of the FCA’s wider programme of capital markets reform to improve transparency, access to information and confidence in UK markets.
Simon Walls, executive director of markets at the FCA, said:”UK equity markets have evolved through competition, innovation and the choices made by investors and companies. These continue to be great foundations for a liquid and resilient market. A downside of choice can be complexity, but this needn’t mean a lack of transparency.
“A consolidated tape will make it simpler and easier for investors to see the whole market picture. Today’s package settles the big design questions and sets the path to deliver the tape within the next 18 months”
David Raw, managing director for markets at UK Finance, said: “We welcome the FCA’s recognition that UK equity markets are working well for investors. Competitive and diverse markets deliver deep liquidity, efficient execution and strong outcomes, and our members believe future reforms should build on these strengths to keep the UK attractive to global investors. Including both pre- and post-trade data in the UK equity consolidated tape is welcomed and will be important for improving transparency, strengthening price formation, and supporting greater investment in UK markets.”
The FCA is inviting feedback on both consultations, CP26/30 and CP26/31 until 16 October 2026.
