UK FCA consults on the framework for a UK equity consolidated tape

The UK Financial Conduct Authority (FCA) has published consultation paper CP25/31 outlining a proposed framework for introducing an equity consolidated tape (CT) in the UK, operated by a consolidated tape provider (CTP). The proposals are linked to broader considerations on the structure and transparency of UK equity markets in CP25/20. The FCA plans a separate consultation on the equity transparency regime in 2026.For the purposes of this consultation, the FCA states an equity CT collates and distributes market data, such as prices and trade volumes, across trading venues and over-the-counter transactions, providing a comprehensive view of equity markets. In the paper, "equity" is defined as including shares, exchange-traded funds, depositary receipts, certificates and similar instruments.

The FCA's framework seeks to ensure the CT is offered at competitive prices with simple licensing structures. Proposed rules set out: core regulatory obligations of the equity CTP and for the operation of the CT; and obligations for trading venues and APAs to provide information to the CTP. Chapter 2 details the CT's design features. The deadline for comments is 30 January 2026. A policy statement is expected in the first half of 2026, after which procurement for an equity CTP will begin. The equity CT is expected to operate in 2027. Alongside this consultation, the FCA is inviting "expressions of interest" from prospective CTPs to maintain dialogue with interested parties. In parallel, the FCA's Cost Benefit Analysis Panel published a response to the consultation.

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