The FCA has published a package of reforms it hopes will improve transparency in UK equity markets, as well as strengthen access to market-wide information and support confidence in UK markets.
The package has confirmed the framework for a future equity consolidated tape.
The regulator is also consulting on targeted market structure reforms and has introduced an interim market activity reporting tool for shares.
The FCA said UK equity markets offer investors a wide choice of trading options and that that competition and innovation have delivered “significant benefits” for market users, helping create liquid and resilient markets.
It warned that greater choice has also increased fragmentation. The FCA said getting a complete picture of trading activity can be complicated and expensive, meaning market-wide data is often under-used. It said that also means the depth and liquidity of UK equity markets is often under-appreciated.
The FCA said a consolidated tape brings together trading information from across the market into a single source. It said its new package “puts us on a path to deliver an equity consolidated tape within 18 months, making market-wide data easier to access and use.”
The FCA’s consultation sets out how market quality will be monitored and seeks views on the indicators it 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 the FCA said has attracted more than 1.6m licence subscriptions.
Simon Walls, executive director of markets at the FCA, said: “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.”
Hugo Gordon, head of capital markets at the Investment Association, said: “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 FCA is inviting feedback on both consultations, until 16 October.