FCA pushes forward with equity market transparency reforms

The Financial Conduct Authority (FCA) has published a package of reforms designed to improve transparency and strengthen access to market-wide information in UK equity markets.

Its reform package confirmed the proposed framework for a future equity consolidated tape, which aims to increase capital investment and liquidity in equity markets, and also included a consultation on targeted market structure reforms and introduced an interim market activity reporting tool for shares.

This equity tape would bring together data from across UK markets, looking to provide investors with a more comprehensive and clear view on the market, and improve market participation and the global competitiveness of UK equity markets.

The FCA said it was planning to deliver the tape within 18 months through the reform package, with the consultation on the tape’s framework running until 16 October 2026.

It concluded that while UK equity markets were functioning effectively, it was a complex ecosystem and markets were continuing to evolve.

The consultation therefore outlined how market quality will be monitored and sought views on the indicators the FCA should track and the tools that could be available if intervention was needed in the future.

While the equity consolidated tape is being built, the regulator has launched a market activity reporter for shares.

This reporter aims to provide visibility of overall UK equity market activity each day so users can view trading volumes prior to the full tape being launched.

The reform package follows a consultation on the proposed equity consolidated tape and the launch of the UK bond consolidated tape in June 2026.

“UK equity markets have evolved through competition, innovation and the choices made by investors and companies,” said FCA executive director of markets, Simon Walls.

“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.”

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