FCA Advances UK Equity Market Transparency Reform Package

The UK Financial Conduct Authority has published a package of equity market transparency reforms covering the framework for a future equity consolidated tape, targeted market-structure consultations and an interim market activity reporter for shares.

The FCA said UK equity markets are functioning effectively, but that trading choice has also increased fragmentation. A consolidated tape would bring together market-wide trading information in one source, making it easier for investors, brokers and data users to see activity across venues.

The regulator said the package puts the UK on a path to deliver an equity consolidated tape within 18 months. While that work continues, the FCA has launched a market activity reporter for shares so users can see a daily picture of UK equity market activity before the full tape is in place.

The FCA is seeking feedback on consultations CP26/30 and CP26/31 until 16 October 2026. It said it will consider feedback before beginning procurement for the future equity consolidated tape provider.

Why it matters

Equity traders rely on market data to compare liquidity, spreads and execution quality. Fragmented data can make that harder, especially when activity is split across multiple venues and reporting channels.

A UK equity tape will not replace broker execution checks, but it could give traders and compliance teams a broader reference point for assessing market depth and trade quality.

What to watch next

The key next step is the consultation deadline on 16 October 2026. After that, watch the FCA’s procurement process, the final tape design and whether the interim activity reporter becomes a useful benchmark for traders before the full service launches.