Read more about our work to establish an equities consolidated tape (CT).
An equities CT collates market data, such as prices and volumes associated with equities. These relate to completed transactions and to the terms on which market participants are willing to buy and sell equities.
It aims to provide a comprehensive picture of transactions in equities, bringing together trades executed on trading venues as well as those arranged over-the-counter (OTC). We expect an equities CT to strengthen UK equity markets by making them more transparent and liquid.
‘Equities’ covers shares, exchange-traded funds (ETFs), depositary receipts and certificates, and other similar instruments.
We have also put in place a regulatory framework for a CT for bonds[2], which started operation in June 2026.
Our work so far
In November 2025, we published CP25/31[3], setting out our proposals for a UK equities CT framework. We also invited expressions of interest[4] to be the equities consolidated tape provider (CTP).
In July 2026, we published our Policy Statement for the framework for a UK equity CT[5]. This sets the fundamental aspects of the operation of an equity CT in the UK, as we move from design to implementation.
As part of the same publication, we are also:
- Consulting on including systematic internaliser (SI) quotes in the equity CT.
- Seeking views on key requirements which we intend to set in our contract with the equity CT (on income sharing with data contributors and the operating hours of the CT).
Alongside this publication, we are also consulting on targeted reforms to support equity market transparency and price formation, and to establish a framework to monitor market developments over time. See CP26/30[6].
Market activity reporter for shares
As an interim measure before the equity CT is operational, we also introduced a market activity reporter for shares[7].
This provides an estimate of total trading activity in listed shares on UK venues or traded over the counter and reported in the UK to help users understand the full extent of trading activity in UK shares.
It is intended to be a bridge to, rather than replace, the future equity CT.
Next steps
Our call for input[5] on the key contractual requirements for the equity CTP is open for responses until 18 September 2026.
Our consultation[8] on the inclusion of SI quotes is open for responses until 16 October 2026. We welcome views on the broader proposals on equity market transparency in CP26/30[6] on the same timeframe.
In autumn 2026, we will consult on how any money shared by the equity CTP should be distributed among data contributors.
We will also continue to speak to firms potentially interested in providing the equity CT. We encourage any more firms interested in bidding to be the equity CTP to email [email protected].
In early 2027, we expect to start the procurement process to appoint an equity CTP.
We plan for the equity CT to start operating in 2027 or early 2028.
Independent study
In December 2024, we published Europe Economics’ (EE’s) independent study on the issues around the inclusion of pre-trade data in an equities CT and an accompanying update to guide discussions with industry.
