The UK’s Financial Conduct Authority (FCA) has confirmed the framework for a future equity consolidated tape, targeting launch within the next 18 months. This development comes as the European Securities and Markets Authority (ESMA) recently authorised the EU’s first consolidated tape provider for shares and ETFs.
The FCA‘s announcement is part of a package of reforms for the country’s equity markets, which aims to improve transparency, widen access to market-wide trading information, and support confidence in UK equity markets. The regulator said the measures are intended to improve access to information, support price formation, and strengthen market resilience.
Competition and innovation have created liquid and resilient equity markets. However, the growth in trading venues has also increased market fragmentation, making it more difficult and costly for market participants to obtain a complete view of trading activity.
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A consolidated tape combines trading information from multiple venues into a single source. The FCA said the package settles the main design questions and keeps the project on track for delivery within the next 18 months. 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.
They considered a broad range of industry feedback before finalising the proposals. Alongside the reforms, the regulator launched a market activity reporter for shares, providing a daily overview of UK equity trading before the consolidated tape becomes operational.
The latest measures follow the launch of the UK’s bond consolidated tape in June 2026, which attracted more than 1.6 million licence subscriptions. The equity tape forms part of the regulator’s broader capital markets reform programme to improve transparency, access to market information, and confidence in UK financial markets.
UK equity markets are functioning effectively but continue to evolve. The consultation seeks feedback on how market quality should be monitored and what tools could be used if future intervention is needed. The FCA‘s announcement is a significant step towards improving market transparency and accessibility.
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For market participants, the introduction of a consolidated tape will likely simplify the process of obtaining a complete view of trading activity. This development may also lead to increased efficiency and reduced costs for investors. As the FCA continues to work on the implementation of the equity tape, it will be important to monitor the impact of these reforms on the UK equity markets.
The ESMA‘s authorisation of EuroCTP as the EU’s first consolidated tape provider for shares and ETFs is a separate but related development. Although developed under separate regulatory frameworks, both initiatives aim to improve transparency and provide easier access to market-wide trading data.
It is a step forward.