On 31 July 2026, the Financial Conduct Authority (FCA) published a package of reforms designed to improve transparency, strengthen access to market-wide information and support confidence in UK equity markets.
The FCA published:
- Consultation Paper 26/31: Policy Statement for the framework for a UK equity consolidated tape and next steps for delivery (CP26/31).
- Consultation Paper 26/30: Supporting equity market transparency and considering market structure developments (CP26/30).
CP26/31
In November 2025, the FCA published CP25/31 setting out its proposed framework for introducing an equity consolidated tape (CT) in the UK to be run by a consolidated tape provider (CTP). In CP26/31, the FCA sets out a Policy Statement summarising the feedback received to CP25/31 and sets out its final position on rules and guidance.
In line with the proposals in CP25/31, the FCA confirms that the equity CT will include both post‑trade data and the first level of attributed pre‑trade data (i.e. the best bid and offer, or “BBO”). Further details are set out in chapter 3 of CP26/31. The FCA has, however, made a change to its proposals in light of feedback, setting a high‑level requirement that the equity CTP must share a portion of its income with data contributors. Further details are set out in chapter 4 of CP26/31.
In chapter 5 of CP26/31 the FCA provides feedback on its proposals on latency requirements for data contributors and the equity CTP itself. In chapter 6, the FCA finalises its position on whether an equity CT should be offered by a single provider or whether it should allow multiple equity CTPs to be authorised and appointed. The FCA confirms that it will proceed with its proposal to appoint a single equity CTP for the first 5‑year contract period.
In chapter 7 the FCA outlines its position as regards its earlier proposals to ensure a sustainable and competitive economic model for an equity CT. Among other things the FCA confirms that it will not require the CTP to provide the data for free after 15 minutes. The FCA continues to consider that ensuring broad access to the equity CT via a simple licencing regime, that enables use of the CT by retail investors and academics, is the best way to broaden the use of equity trade data. The FCA will also require the equity CT to publish market‑wide liquidity metrics for shares in the UK.
In its response to feedback on data coverage (chapter 8) the FCA confirms, among other things, that it will not include exchange traded notes and exchange traded commodities in the equity CT, due to the technical issues involved in doing so.
In chapter 9 the FCA revisits topics on operational requirements for the equity CP and CTP. This includes the FCA confirming that it will not reduce the notice period for price changes to 30 days given the risk of operational complexities for data users and redistributors. Instead, the FCA will retain the required 90‑day notice period for both the bond and equity CTP. As part of its procurement process, and in the contract with the equity CTP, the FCA will set out the circumstances when any price changes may be permitted and the governance process around this.
In chapter 10 of CP26/31 the FCA consults on draft rules about the inclusion of systematic internaliser (SI) quotes in the equity CT. Chapter 11 of CP26/31 includes a Call for Input seeking views on key requirements which the FCA intends to set in its contract with the equity CTP: the required mechanism for implementing its income sharing arrangements, and its operating hours.
CP26/30
The proposals in CP26/30 build on those set out in chapter 4 of CP25/20 where the FCA discussed the structure and transparency of UK equity market trading and sought views on reforms. In CP26/30 the FCA proposes targeted changes to reinforce transparency and market functioning, recognising the growth of bilateral trading and supporting the establishment of a CT. The FCA also seeks views on its proposed approach to monitoring future changes in market structure, to ensure these markets remain efficient and resilient.
In CP26/30 the FCA concludes that the evidence available to it suggests that UK equity markets have remained liquid, resilient and efficient. Therefore, it does not propose structural interventions to UK equity markets. But it does set out plans to monitor how UK equity markets evolve, including once the equity CT goes live. This will be via a structured framework of quantitative and qualitative indicators, including trends in central limit order book (CLOB) usage, and metrics of market liquidity and resiliency. In addition, CP26/30 proposes a range of targeted measures to further strengthen the FCA’s trade reporting rules for equities. The FCA expects that these proposals will help to ensure that the equity CT consolidates high‑quality post‑trade data that enables market participants to identify the full range of addressable liquidity in UK markets more easily. Notably, CP26/30 also makes proposals intended to improve the quality and consistency of SI pre‑trade transparency.
In particular, the FCA proposes to:
- Extend the current exclusion from post‑trade transparency for non‑price forming over‑the‑counter transactions to equivalent transactions reported to trading venues, and to clarify and strengthen the rules on back‑reporting.
- Reformulate the reference price waiver to support wider use by enabling trading venues to integrate midpoint dark orders within transparent limit order books.
- Make changes to the transparency framework for equity SIs by requiring them to publish quotes showing the price and volume at which they are prepared to buy and sell up to and including standard market size.
- Make guidance on market outages to clarify its expectations of trading venues and support the resilience of UK markets in the event of a market outage.
In addition, CP26/30 includes a chapter on the Retail Service Provider system, reflecting renewed stakeholder feedback and the FCA’s further engagement and analysis of execution outcomes.
The FCA has published a market activity reporter for shares which aims to provide an overall view of aggregate trading activity to inform participants in equity markets, bringing together data from across the range of platforms where UK trading is executed or reported.
The service provides guidance only. It is only intended to provide an overview of high-level market activity metrics in the UK market. It does not replace the need for expert advice specific to an individual’s needs before making any investment decisions.
Next steps
The FCA’s final rules, set out in CP26/31, come into force on 31 July 2026.
The deadline for comments on chapter 10 of CP26/31 is16 October 2026
The deadline for comments on the Call for Input set out in chapter 11 of CP26/31 is 18 September 2026.
The deadline for comments on CP26/30 is 16 October 2026. The FCA aims to publish a Policy Statement finalising any changes in the first half of 2027.
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.’