On 5 October 2026, the Financial Conduct Authority (FCA) published a speech delivered by Jon Relleen, director of infrastructure and exchanges, at the Reform of the UK Public and Private Capital Markets Summit 2026.
Key points of note from the speech include:
- The FCA has completed major elements of a multi-year programme of capital markets reform aimed at ensuring UK markets support economic growth, competitiveness, innovation and investment while maintaining trust and market integrity. The reforms have been developed alongside HM Treasury, the Bank of England (BoE) and industry, drawing on the Wholesale Markets Review, the review of retained EU legislation, and ongoing market engagement.
- The FCA’s approach is based on “rebalancing risk”: maintaining high standards while creating more scope for informed risk-taking, innovation and investment. This involves moving away from overly prescriptive regulation towards outcomes, transparency and accountability. Key reforms include:
- A new UK listing regime that reduces costs for issuers and supports competitiveness.
- A new public offers framework that simplifies capital raising and broadens fundraising options.
- Enhanced transparency in bond and derivatives markets, including the launch of the UK’s bond consolidated tape.
- Progress towards an equity consolidated tape and improved market transparency reporting.
- Creation of PISCES, a regulated market for trading shares in private companies.
- Simplified transaction reporting and targeted changes to clearing and margining requirements.
- Reforms supporting asset managers, pensions investment, retail participation and access to investment opportunities.
- Further reforms are planned in areas including securitisation, listed company disclosures, benchmarks, and clearing and margining rules. Looking ahead, the FCA sees AI, tokenisation and digital market infrastructure as central priorities. Through initiatives such as the Digital Securities Sandbox, tokenised funds, stablecoin regulation and a forthcoming joint roadmap on wholesale market tokenisation, it aims to ensure UK markets remain both highly trusted and globally competitive.
- In particular, in coming weeks the FCA has committed to publishing a joint roadmap with the BoE, setting out how the UK’s wholesale markets will adapt as regulators work collectively to realise the benefits from tokenisation and digitalization. The FCA highlights that the objective of this roadmap is not to predict exactly what future markets will look like but to ensure that the regulatory framework can adapt as markets evolve.