The FCA launches a consultation on establishing a UK equity consolidated tape to improve market data accessibility, transparency, and liquidity, with a target operational date of 2027 amid industry support and a competitive tender process.
On 19 November 2025, the UK Financial Conduct Authority (FCA) launched a consultation paper (CP 25/31) outlining its proposed framework for establishing an equity consolidated tape (CT) in the UK. This initiative aims to collate and distribute comprehensive market data, including prices and trade volumes, across multiple trading venues and over-the-counter transactions, thereby enhancing market transparency and providing a more unified picture of UK equity market liquidity.
According to the FCA, the equity CT will encompass a range of instruments such as shares, exchange-traded funds (ETFs), depository receipts, certificates, and similar products. The overarching goal is to increase the use and accessibility of UK equity trade data among market participants, which the regulator believes will support greater market efficiency and competitiveness.
CP 25/31 seeks feedback on crucial aspects of the proposal, notably the FCA’s intended regulatory obligations for the consolidated tape provider (CTP), as well as the responsibilities of trading venues and Approved Publication Arrangements (APAs) in supplying relevant data. To facilitate this, the FCA has mapped out proposed amendments to various sections of the FCA Handbook, including the Glossary, Market Conduct Sourcebook (MAR), Decision Procedure and Penalties Manual (DEPP), and the Enforcement Guide (ENFG), alongside updates to the Data Reporting Services instruments scheduled for 2025.
The FCA emphasised its desire for rapid implementation, inviting expressions of interest to become the CTP and setting a deadline of 30 January 2026 for consultation responses. It plans to publish a formal policy statement in the first half of 2026, followed by a procurement process to select a CTP. The FCA anticipates that the equity CT will be operational by 2027.
This initiative forms part of broader efforts to invigorate the UK equity markets. The FCA contends that a consolidated tape will provide a comprehensive and easily accessible view of trading activity, including post-trade data and attributed best bid and offer prices, across UK trading venues. This, in turn, is intended to boost market liquidity, encourage capital investment, and enhance the UK’s attractiveness for equity listings and investment participation. As outlined in the consultation, the FCA also plans to review the framework’s effectiveness after two years, potentially incorporating pre-trade data if deemed beneficial.
Industry response to the proposal has been largely supportive. The Association for Financial Markets in Europe (AFME) welcomed the FCA’s plans, underscoring the need for a transparent and commercially viable CT to showcase European market liquidity effectively. AFME advocates for including pre-trade data and argues that delivering real-time continuous data with full attribution will make the CT more valuable and self-sustaining economically. They also expressed hope that the timeline for a 2027 launch remains on track to provide meaningful data to market users and contribute to UK equity market development.
Similarly, the Investment Association (IA) praised the consultation, highlighting the importance of an appropriately constructed and fairly licensed CT in reforming UK capital markets. The IA supports the competitive tender process proposed by the FCA to appoint a CT provider, which it believes will stimulate competition and innovation, particularly for bonds and ETFs alongside equities.
The Managed Funds Association (MFA), while primarily focused on fixed income markets, also lent its support to establishing a consolidated tape, pointing to the clear benefits in terms of market transparency, price discovery, liquidity, and execution quality. MFA advocates for a transparent and competitive process to select a single CTP and stresses that firms should retain discretion over data use without being obligated to consume all CT data. Additionally, the MFA opposes mandatory revenue-sharing arrangements between CT providers and data suppliers, suggesting that certain market data should be free after a short delay, such as 15 minutes.
Looking ahead, the FCA’s consultation marks a significant step toward improving the infrastructure and transparency of UK equity markets. By centralising trade data across fragmented venues and OTC transactions, the equity CT is expected to provide investors and market participants with clearer insights into liquidity and pricing. The success of this initiative will depend on feedback from stakeholders, the design and commercial viability of the chosen CT provider, and the timely execution of the FCA’s implementation roadmap. If successful, the UK’s equity consolidated tape could strengthen the nation’s position in global capital markets and better support its long-term economic growth objectives.
- https://www.regulationtomorrow.com/eu/fca-consults-on-proposed-framework-for-an-equity-consolidated-tape/ – Please view link – unable to able to access data
- https://www.fca.org.uk/publications/consultation-papers/cp25-31-framework-uk-equity-consolidated-tape – The Financial Conduct Authority (FCA) has published Consultation Paper CP25/31, proposing a framework for introducing an equity Consolidated Tape (CT) in the UK. The CT aims to collate and distribute market data, such as prices and volumes of trades, to provide transparency across different trading venues and over-the-counter transactions. The consultation seeks feedback on proposed rules, regulatory obligations for the CT provider, and obligations for trading venues and Approved Publication Arrangements to provide information to the CT provider. The FCA is inviting comments by 30 January 2026 and expressions of interest to become the CT provider. The goal is for the CT to be operational during 2027. ([fca.org.uk](https://www.fca.org.uk/publications/consultation-papers/cp25-31-framework-uk-equity-consolidated-tape?utm_source=openai))
- https://www.fca.org.uk/news/press-releases/fca-proposes-consolidated-tape-boost-competitiveness-uk-equity-markets – The FCA has launched a consultation on proposals to introduce a UK equity Consolidated Tape (CT) to enhance capital investment and liquidity in equity markets. The CT aims to provide a comprehensive view of trading by consolidating data from multiple UK trading venues, including post-trade data and attributed best bid and offer prices. This initiative seeks to improve market effectiveness, support UK listings, increase market participation, and strengthen international competitiveness. The FCA plans to review the framework’s effectiveness after two years of operation, including the inclusion of pre-trade data. ([fca.org.uk](https://www.fca.org.uk/news/press-releases/fca-proposes-consolidated-tape-boost-competitiveness-uk-equity-markets?utm_source=openai))
- https://www.afme.eu/news-insights/press-releases/afme-comments-on-the-uk-equity-consolidated-tape/ – The Association for Financial Markets in Europe (AFME) has responded to the FCA’s consultation on the UK equity Consolidated Tape (CT). AFME supports the initiative, emphasising the importance of a transparent and commercially viable CT to highlight Europe’s liquidity. They advocate for the inclusion of pre-trade data, suggesting that a CT with real-time continuous data and full attribution will be more attractive to users and economically self-sustaining. AFME hopes the 2027 implementation proceeds as planned, providing meaningful data to users and contributing to the growth of UK equity markets. ([afme.eu](https://www.afme.eu/news-insights/press-releases/afme-comments-on-the-uk-equity-consolidated-tape/?utm_source=openai))
- https://www.mfaalts.org/letter/mfa-submits-comment-letter-responding-to-fca-consolidated-tape-consultation/ – The Managed Funds Association (MFA) has submitted a comment letter to the FCA in support of implementing a Consolidated Tape (CT) for fixed-income markets. The MFA highlights that a CT will substantially benefit UK investors by improving market transparency, price discovery, liquidity, and execution quality. They support the transparent selection of a single CT provider and advocate for firms to have the discretion to select data sets needed without being mandated to use all CT data. The MFA also opposes the requirement for CTs to share revenues with data providers, suggesting that data should be free after 15 minutes. ([mfaalts.org](https://www.mfaalts.org/letter/mfa-submits-comment-letter-responding-to-fca-consolidated-tape-consultation/?utm_source=openai))
- https://www.theia.org/news/press-releases/ia-response-publication-fcas-consultation-developing-consolidated-tape – The Investment Association (IA) has responded to the FCA’s consultation on developing a Consolidated Tape (CT) framework in the UK. The IA welcomes the publication of the consultation paper, stating that an appropriately constructed and fairly licensed CT will be crucial in reforming UK capital markets. They support the FCA’s intention to run a competitive tender process to appoint a CT provider for bonds, as this will likely aid competition and drive innovation. The IA believes that a CT for equities and ETFs will help ensure a golden source of market data on prices and volumes traded for these instruments. ([theia.org](https://www.theia.org/news/press-releases/ia-response-publication-fcas-consultation-developing-consolidated-tape?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
9
Notes:
The narrative is based on the FCA’s consultation paper CP25/31, published on 19 November 2025, which is the earliest known publication date for this information. The consultation is open until 30 January 2026, indicating that the content is current and not recycled. The report is original and not flagged as a press release, suggesting a high freshness score.
Quotes check
Score:
10
Notes:
No direct quotes are present in the provided text, indicating that the content is original and not reused from other sources.
Source reliability
Score:
10
Notes:
The narrative originates from the FCA’s official consultation paper CP25/31, a reputable and authoritative source.
Plausability check
Score:
10
Notes:
The claims made in the narrative align with the FCA’s official consultation paper CP25/31, published on 19 November 2025, and are consistent with the FCA’s strategic priorities and previous communications.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is based on the FCA’s official consultation paper CP25/31, published on 19 November 2025, indicating high freshness and originality. The content is original, with no direct quotes or recycled material. The source is highly reliable, originating from the FCA’s official publication. The claims are plausible and consistent with the FCA’s strategic priorities and previous communications.