UK FCA finalises framework for a UK equity CT and consults on next steps for delivery

The UK Financial Conduct Authority (FCA) has published CP26/31, setting out its final policy framework for a UK equity consolidated tape (CT) following its November 2025 consultation. Alongside this paper, the FCA also published a separate consultation on equity market transparency and market structure developments.

Consistent with its proposals, the FCA confirms that the equity CT will include both post-trade data and first-level attributed pre-trade data (i.e. best bid and offer). The FCA considers that including pre-trade data will support a broader range of market uses and deliver greater long-term benefits than a post-trade-only model. Responding to consultation feedback, the FCA has also decided to introduce a high-level requirement for the future consolidated tape provider (CTP) to share a proportion of its revenue with data contributors. The final rules and technical standards are set out in the instruments in Appendix 1–3 of the paper and took effect on 31 July.

Alongside the policy statement, the FCA is consulting on whether systematic internaliser (SI) quotes should be included in the equity CT, with responses due by 16 October. In addition, chapter 11 contains a call for input seeking views on key contractual requirements for the future equity CTP, including the mechanism for implementing revenue-sharing arrangements and the CTP's operating hours. Responses to the call for input are due by 18 September.

While the equity CT is being developed, the FCA also launched, on the same day, a market activity reporter for shares, which provides daily visibility of overall UK equity market activity and trading volumes across the market.

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