In a speech at the Reform of the UK Public and Private Capital Markets Summit 2026, Financial Conduct Authority Director of Infrastructure and Exchanges Jon Relleen reviewed the regulator’s multiyear overhaul of UK capital markets and said major parts of the program are complete. Around 30 capital markets workstreams have sought to create more room for informed risk-taking by shifting from detailed prescription toward outcomes, disclosure and accountability, while maintaining market integrity and high standards. The reforms span the listing and public offers regimes, secondary-market transparency, private share trading and post-trade requirements. The FCA reported that around 25 companies have joined the Main Market, including seven initial public offerings in the first half of 2026. The bond consolidated tape launched in June has attracted 1.6 million licenses, while four operators have been authorized for the Private Intermittent Securities and Capital Exchange System and seven transactions have taken place. Further work covers securitization, listed company disclosures, benchmarks, clearing and margining rules, and an equity consolidated tape provider to be appointed in 2027. Tokenisation has become a central part of the program. Following the FCA and Bank of England’s joint regulatory vision in May, the authorities plan to publish a roadmap in the coming weeks covering the adaptation of wholesale markets and providing greater certainty on prudential treatment, custody and market infrastructure. The Digital Securities Sandbox will also support issuance of the new digital gilt in early 2027.

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