We have published a new report and an update on our work to establish an equities consolidated tape.
A consolidated tape (CT) collates market data, such as prices and volumes associated with trades in a financial market. It aims to provide a comprehensive picture of transactions in a specific asset class, bringing together trades executed on trading venues as well as those arranged over-the-counter. We expect a CT to strengthen UK markets by making them more transparent and liquid.
We said in CP23/33[1] that, before finalising design proposals, we would conduct an analysis of the possible impact of the inclusion of pre-trade data in an equities CT[2] because views are polarised. In August 2024 we appointed the consultancy Europe Economics (EE) to conduct an independent analysis of these issues. Read EE's report[3].
We have published today a update[4] highlighting key insights from EE's report, laying out our next steps for consulting on an equities CT in 2025 and seeking expressions of interest from potential providers of the CT.