Regulations
By Julie Binoche
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Bond Tape Already Live — Equity Version Follows. The timing isn't random. The FCA already launched a UK bond consolidated tape back in June 2026,…
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Market Activity Reporter Bridges the Gap. In the meantime, the FCA didn't want to leave market participants with nothing.
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The UK's Financial Conduct Authority just dropped a pretty significant reform package for equity markets.
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The centrepiece is an equity consolidated tape. Right now, UK equity markets offer a wide range of trading venues and options, which sounds good on paper.
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The timing isn't random. The FCA already launched a UK bond consolidated tape back in June 2026, and the numbers from that rollout are hard to ignore — over 1.
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And it won't be a solo decision. The FCA is running formal consultations — tagged CP26/30 and CP26/31 — and it's asking for feedback until October 16.
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The consultations aren't just about the tape itself. The FCA is also asking broader questions about market structure — how trading is organized, what indicators should be tracked…
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In the meantime, the FCA didn't want to leave market participants with nothing. So it's already rolled out a market activity reporter for shares — a tool that gives daily…
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Related: FCA Charges Lucy Beck Over Unauthorized CFD Promotions on Social Media
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Industry reaction has been warm. Adam Farkas, CEO of AFME, called the reforms a balanced approach to improving market data access.
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The FCA's broader pitch here is about making UK equity markets more attractive globally. Effective price formation, resilient trading infrastructure, transparent data — these are…
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There's also a competition angle. Centralizing data access doesn't just help big players — it can level the field somewhat for smaller firms that can't afford to stitch together…
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What's unclear is exactly how the provider selection process will work, or what commercial model the tape will run on.
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Related: Australia Hits Telegram With $35.8 Million Fine Threat Over Extremist Video Failures
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The market activity reporter for shares is live now. Consultations close October 16. After that, provider selection begins, and the 18-month build-out for the full equity tape…
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