The Financial Conduct Authority has launched a consultation on proposals to introduce a UK equity consolidated tape, intended to bring together data from across multiple trading venues and improve market participants’ ability to assess overall liquidity. Feedback is sought on a tape that would include both post-trade data and the attributed best bid and offer prices, described as the first level of pre-trade data, across UK trading venues. The proposed framework is designed to provide a clear and consistent view of trading volumes and prices, support UK listings through better liquidity visibility, and increase participation by ensuring market data is easy and affordable to access, while enabling comparisons with major markets such as the US and EU. Expressions of interest are also invited from potential consolidated tape providers. The consultation closes on 13 February 2026. The FCA aims for the equity tape to be in operation in 2027 and will review the framework after two years, including whether pre-trade data levels should be varied; the proposals sit alongside broader work on UK equity market structure and transparency, with any related changes to be consulted on in 2026. Separately, the FCA noted that its bond tape framework is subject to a legal challenge over the provider award, and it has applied to the High Court to lift the suspension on that contract award.
Financial Conduct Authority 2026-01-12
Financial Conduct Authority launches consultation on a UK equity consolidated tape aggregating post-trade and best bid and offer data
The Financial Conduct Authority (FCA) has initiated a consultation on a UK equity consolidated tape to aggregate data from multiple trading venues, enhancing liquidity assessment. The proposed framework includes post-trade data and best bid and offer prices, aiming to improve market transparency and accessibility. The FCA also seeks expressions of interest from potential providers and notes a legal challenge concerning its bond tape framework.