FCA advances package of equity market transparency reforms

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. 

UK equity markets offer investors a wide choice of trading options. The FCA's assessment is that competition and innovation have delivered significant benefits for market users, helping create liquid and resilient markets.

However, greater choice has also increased fragmentation. Obtaining a complete picture of trading activity can be complicated and expensive, meaning market-wide data is often under-used. It also means the depth and liquidity of UK equity markets is often under-appreciated.

A consolidated tape brings together trading information from across the market into a single source. 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.

In developing the proposals, the FCA carefully considered a wide range of views on market data, transparency and market structure. The final package improves access to information, reflects strong support from market users and promotes effective price formation and resilient markets. 

The FCA's assessment is that UK equity markets are functioning effectively. 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 we 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. Together, these 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.'

The FCA is inviting feedback on both consultations, CP26/30[2] and CP26/31[3] until 16 October 2026. 

Notes to editors

1. Read CP26/31: The framework for a UK equity consolidated tape[3]. 
2. Read CP26/30: Supporting equity market transparency and considering market structure developments[2].
3. Market activity reporter for shares[4]. 
4. The FCA will consider feedback on the consultations before beginning procurement for the future equity consolidated tape provider. 
5. Adam Farkas, chief executive Officer of AFME, said:
   'We welcome the FCA's proposals to improve transparency and access to market data in UK equity markets. The package recognises that UK markets are functioning effectively while taking practical steps to make market-wide information easier to access and use. This is a proportionate and evidence-based approach to market reform.'
6. Hugo Gordon, head of capital markets at the Investment Association, said:
   'We welcome the FCA's package and the completion of the equity consolidated tape design. By bringing together both pre-and post-trade data from across the market into a single source, the tape will improve access to market-wide data and support more transparent and efficient UK capital markets. The focus can now shift towards successful delivery and implementation.'
7. 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.'